The Maldives Monetary Authority (MMA) has invited interested parties to design and construct a new headquarters in Hulhumalé, as the central bank moves to address space constraints at its existing premises and strengthen security surrounding key financial operations.
The proposed headquarters will be developed on an 8,064-square-metre site and will house administrative offices alongside specialised facilities required for the central bank’s operations.
According to MMA, the development will include dedicated currency management infrastructure and secure vault facilities, as well as a training and conference centre. Office spaces for financial institutions will also be incorporated into the complex.
One of the main objectives of establishing the new headquarters in Hulhumalé is to improve the physical security of the state treasury and create a purpose-built environment for the secure handling and movement of cash.
The facility is expected to allow MMA to implement stronger security arrangements for currency transportation and other sensitive banking operations while addressing limitations associated with its existing infrastructure.
The project will be carried out under a contractor-finance model, meaning the selected contractor will be responsible for arranging most of the funding required for the development.
Under the proposed financing structure, the contractor will have to secure between 85 and 90 percent of the total project financing, while MMA will directly fund the remaining portion.
The central bank has now opened the initial stage of the procurement process by seeking Expressions of Interest from parties interested in undertaking the project.
Interested parties have until 11:00 am on October 6 to submit their EOI to MMA.
The estimated cost of the development, construction period, height of the proposed building and other architectural details have not yet been announced.
MMA currently operates from its headquarters on Boduthakurufaanu Magu in Malé, where it carries out its responsibilities as the country’s central bank and primary financial regulator.
Its functions include issuing and managing the Maldivian rufiyaa, maintaining monetary and financial stability, managing the country’s official foreign reserves and regulating and supervising banks and other financial institutions.
The authority’s responsibilities also involve the storage, management and secure movement of currency, requiring specialised infrastructure and stringent security arrangements that are expected to form a major component of the new headquarters.
The move comes as Hulhumalé increasingly accommodates government institutions, state-owned companies and major public infrastructure, partly easing pressure on densely populated Malé where limited land and space have long presented challenges for the expansion of government facilities.
For MMA, the proposed headquarters would provide a purpose-built location capable of accommodating its administrative, financial and currency management operations while strengthening the security infrastructure surrounding some of the country’s most sensitive financial functions.
The project is expected to move into its next stages following the conclusion of the EOI process in October.
