Amid Government Rightsizing, President Muizzu Establishes National Exchange Ltd

Amid discussions regarding government rightsizing, President Muizzu has established a new state-owned enterprise named "National Exchange Limited."

President Dr. Mohamed Muizzu has today established a new state-owned enterprise named "National Exchange Limited," the President's Office has announced. The company was formed under the authority vested in the President by Section 15 of the Companies Act (Law No. 7/2023). The establishment of this company was formalized through Presidential Decree No. 16/2026.

The President's Office stated that the company was established with 100 percent government ownership to facilitate a secondary stock market with state support, addressing the government's financial requirements and the ongoing expansion of the Islamic finance sector.

The company's objectives include developing the Maldivian capital market on behalf of the government, enhancing market confidence and transparency, and establishing and operating modern securities exchanges and trading facilities. Furthermore, the company aims to facilitate the issuance, listing, and trading of government securities, Shariah-compliant sukuks, and other financial instruments, while providing modern post-trade services, including central securities depository, clearing, and settlement functions. Additionally, the company is tasked with collaborating with local and international financial institutions to build a robust and sustainable financial market in the Maldives.