Maldives Monetary Authority

The Maldives Monetary Authority is the central bank of the Maldives, established on 1 July 1981 under the Maldives Monetary Authority Act 1981 and headquartered in the capital, Male. It issues and regulates the Maldivian rufiyaa, licenses and supervises the country's banks and other financial institutions, implements monetary policy, and advises the government on economic matters. Amendments to its founding act in April 2007 gave the authority full autonomy and independence from direct government control over its day to day decisions. Maumoon Abdul Gayoom served as its longest serving governor, leading the institution from its creation through August 2004. The authority is wholly state owned, belongs to the Asian Clearing Union, and takes part in the Alliance for Financial Inclusion, an international network through which it works to widen ordinary Maldivians' access to banking and other financial services.