Maldives Monetary Authority has approved the commencement of banking operations by Development Bank of Maldives Limited, effective from 29th January 2026.
Development Bank of Maldives Limited was granted a banking license by MMA on 13th October 2024 to operate as a development bank in the Maldives. Development Bank of Maldives Limited is 100% owned by the Government of Maldives.
MMA believes that the commencement of operations by Development Bank of Maldives Limited will play a significant role in enhancing access to long-term financing and supporting sustainable economic development in the Maldives. The Authority considers this approval a key milestone in efforts to broaden and strengthen the Maldivian financial sector.
Published on Maldives Monetary Authority
Image source: MMA