Governor of the Maldives Monetary Authority (MMA) Ahmed Munawar has stated that ensuring all transactions and services in the country are conducted in Maldivian Rufiyaa is a vision shared by all central bank governors, past and present.

Speaking at a joint press conference held at the President's Office regarding foreign exchange reforms, Governor Munawar emphasized that the transition to local currency transactions is an institutional imperative rather than an individual agenda.

"This is not just Governor Munawar’s vision. It was the vision of Governor Ali, Governor Naseer, and Governor Azeema that all transactions should be carried out in Maldivian Rufiyaa. If the Rufiyaa is not going to be used in the Maldives, the MMA might as well be dissolved. There is no need to run a central bank here just for the name; countries that choose not to use their domestic currency simply set up a currency board run by two or three people," Munawar said.

Munawar emphasized that the core purpose of the central bank is to drive demand for the national currency, noting that monetary policy cannot function effectively without strong demand for the Rufiyaa.

Addressing tourism revenue, Munawar stated that discussions are underway to review foreign exchange regulations to increase the mandatory US dollar conversion requirement for resorts from the previously proposed 20 percent to 40 percent of revenue.

"We need to raise it to 40 percent for now. If that proves insufficient, we should go up to 100 percent. To support our economic activity, if the government agrees to 100 percent, I am ready to move to 100 percent right now," Munawar stated.

The Governor explained that setting the initial surrender requirement at 40 percent rather than an immediate full conversion allows the tourism sector and dollar-earning businesses adequate time to adjust to the framework.

Munawar reiterated that the administration's long-term target is to ensure 100 percent of all financial transactions within the Maldives are conducted exclusively in Maldivian Rufiyaa by 2030.