Governor of Maldives Monetary Authority (MMA) Ahmed Naseer has stated the capital market sector has gained huge momentum over the past few years and has established itself as one of the prime factors boosting the Maldivian economy.
The investment policies leased by the Maldivian banks has witnessed revolutionary changes over the past decade, the central bank Governor said addressing a special ceremony held to mark 10 years for Maldives Stock Exchange. Governor Ahmed Naseer cited that accumulation of over USD 640 million in the Pension Administration Fund and the MMA Sovereign Development Fund shows the prominence of investing in capital market products in Maldives. The Governor said utmost priority is given by the Authority to develop and enhance the sector. In this regard, he revealed currently work is progressing at a fast pace to introduce numerous security products to achieve the goal.
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“Pool of funds which exceeds 10 billion Maldivian rufiyaa administered by the pension administration office and the recently established Sovereign Development fund managed by MMA which exceeds over 25 million dollars are examples of the need in the domestic market for securities for products,” Ahmed Naseer said.
Highlighting the long term targets of MMA, Ahmed Naseer noted the Authority aims to introduce a Corporate Bonds System in Maldives and noted that currently work is in progress to establish payment systems.
“It was 20 years back in 1998 when by a presidential decree the first trading flow was within a small section of Maldives Monetary Authority. I would like to thank all those who contributed over the past 20 years to shape the Maldives stock exchange in the form we see it today,” Ahmed Naseer also said, adding under the efforts to strengthen the Maldives Payment System, the Authority has organised a forum with participation of various foreign companies.
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Maldives Stock Exchange was licensed in Maldives in 2008 by Capital Market Development Authority (CMDA), as a private sector stock exchange. The main objective of the company is to open the stock exchange market to companies and the public under a transparent policy.