News Desk
MALÉ — Bank of Maldives (BML) has recorded its highest-ever volume of foreign currency sales over the past six months, according to the bank’s Chief Executive Officer and Managing Director, Mohamed Shareef.
Speaking at the launch of the Youth Entrepreneurs Expo in Malé today, Mr. Shareef addressed growing public speculation regarding a perceived scarcity of US dollars within the banking system, categorising these claims as factually incorrect. He stated that the bank has been consistently providing $80 million per month to the market.
“A bank faces challenges when the amount of dollars it must sell exceeds the amount it acquires,” Mr. Shareef explained, noting that the bank has a responsibility to manage foreign currency outflows responsibly while prioritising essential national needs. He further clarified that since 2020, BML has consistently sold more dollars than it has purchased, with the deficit typically managed through government treasury bond arrangements. Mr. Shareef reiterated that the bank does not provide dollars to the government for other purposes.
The CEO warned that spreading misinformation about the nation’s primary financial institution could inflict significant damage on both the bank’s reputation and the broader Maldivian economy. He urged the public to refrain from circulating inaccurate information regarding the bank’s operations.
During the event, BML introduced a new financing facility aimed at empowering young entrepreneurs, in partnership with SME Digital. Additionally, the bank launched a new service allowing users to receive funds from abroad directly into its digital wallet, ‘Swipe’. Mr. Shareef also noted that the bank continues to expand its physical footprint, having opened seven new branches today, to ensure that residents across the Maldives can access banking services within their own islands.
