News Development / finance Maldives Impact 7.0/10 1 min read

New Development Bank secures operational permit from MMA

The Maldives Monetary Authority (MMA) issued a business commencement permit to the Development Bank of Maldives (DBM), the final regulatory step to begin operations. DBM received its banking licence on October 13, 2024, and was established by President Dr. Mohamed Muizzu in May 2024 as the first 100% government-owned development bank. It was inaugurated in November 2024 and has since prepared operational policies, funding mechanisms, and recruited senior staff.

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The Standard

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Published

Jan 29, 2026

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📋 Story Brief

The Maldives Monetary Authority (MMA) issued a business commencement permit to the Development Bank of Maldives (DBM), the final regulatory step to begin operations. DBM received its banking licence on October 13, 2024, and was established by President Dr. Mohamed Muizzu in May 2024 as the first 100% government-owned development bank. It was inaugurated in November 2024 and has since prepared operational policies, funding mechanisms, and recruited senior staff.

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Official government or institutional statement

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Public and social media reaction

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Related policy or operational changes