Circular CN-BSD/2016/10: Localization of the Banking Sector

# MALDIVES MONETARY AUTHORITY
MALDIVES

Circular no: CN-BSD/2016/10  
5th June 2016

To: All Banks

Dear Sir,

## Localization of the Banking Sector

MMA has been continuously advising the banks to develop and engage locals, with a view to enhancing local participation in the financial sector. To this end, MMA has decided to impose the following requirements:

1. Banks should give priority to locals over foreigners in employment, and expatriates should be considered only after exhausting all reasonable means, including offering competitive remuneration packages, to attract and employ locals.

2. Banks are required to obtain MMA’s approval prior to the appointment of any expatriate staff for any post (regardless of seniority). Such notifications should be submitted to MMA at least 30 days prior to the appointment, and should include documentary evidence of the efforts made to recruit a local staff.

3. All banks are required to have a local staff by end of 2016, at least in one of the following key posts:
   - the Chief Executive Officer/Country Manager,
   - Deputy Chief Executive Officer/ Deputy Country Manager. If there is no designated Deputy or second-in-command, please ensure that such post is created.

4. By the end of August 2016 all banks should submit a detailed plan for localization, both in key positions as well as overall.

Yours sincerely,

Neeza Imad  
Assistant Governor, Financial Stability

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