Spreading false information about BML could harm bank and economy, CEO warns

Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef has warned that spreading negative or false information about the bank could damage both BML and the wider Maldivian economy, urging the public to verify information before sharing it.

Shareef made the remarks on July 15 at the Youth Entrepreneurs Expo 2026, held at Barceló Nasandhura in Malé and attended by President Dr. Mohamed Muizzu.

Shareef said BML is closely tied to the country's economy and that false statements about the bank could cause both reputational and financial harm, even after being disproven. He said news media and social media play an important role in informing the public but can be misused to spread misleading information for political or personal gain.

"Bank of Maldives is deeply connected to the Maldivian economy," Shareef said. "Statements intended to create a negative perception of the bank could cause extensive damage to both the bank and the economy."

Responds to claims of dollar shortage

Shareef directly addressed recent claims, which he did not attribute to any named individual or organization, that the bank lacks US dollars, is unprofessionally run, should avoid financing government contractors or housing projects, and that its branch and ATM expansion in the islands is a wasteful expense.

On dollar availability, Shareef said BML sold an average of $21 million a month in 2021, rising to $37 million a month in 2023, and now sells close to $80 million a month, a figure covering card transactions, business transfers, education and medical expenses, and travel cash.

He said the bank issued $249 million in dollar loans between 2021 and 2023, followed by $142 million in 2024, $284 million in 2025, and $226 million in the first six months of 2026 alone. Dollar loans to businesses, particularly the tourism sector, have reached $860 million, he said, more than double the amount outstanding at the end of 2023.

Shareef said BML's foreign currency debit card limits have also risen, from $250 in September 2020 to $1,000 for overseas purchases from November 2025 and up to $3,000 for travel, hotel, and medical payments.

He also referenced the bank's 2023 annual report, in which the then-CEO said BML had sold $333 million more in dollars than it purchased. Shareef said this gap was resolved by the government purchasing an equivalent amount of dollars from the bank through T-bonds and that the bank had not given away dollars to the government at any point.

Cites capital and lending figures

Shareef said BML's capital has risen to more than MVR 16 billion, and total assets exceeded MVR 55 billion for the first time in 2025, before rising above MVR 60 billion this year. He said the bank's total loan portfolio has passed MVR 30 billion, a record figure, while customer deposits exceed MVR 41 billion. He said the bank's capital adequacy ratio, a measure of financial resilience, remains more than three times the regulatory minimum.

BML issued more than MVR 10 billion in new loans in 2025 and a further MVR 8 billion in the first six months of 2026, Shareef said.

On contractor financing and housing projects

Shareef rejected the idea that BML should not finance contractors working on government infrastructure projects, saying the bank finances contractors because they employ Maldivians and contribute to the economy, not because the projects are state-run.

He also defended the bank's role in housing projects run with the government, which he said are expected to deliver close to 4,000 apartments. "If investing in housing projects is something for which we are criticized, we will accept that criticism with pride every day," he said.

Addresses on branch and ATM expansion

On the bank's branch expansion, Shareef said seven new branches were opened as part of the latest phase of a programme that has added 17 branches over the past two years. He rejected the claim that this expansion is unnecessary spending, saying residents outside Malé should not have to travel by sea for services readily available in the capital.

Branch staff will also visit homes and businesses and travel to neighboring islands to explain banking products, promote financial literacy, and raise awareness about scams, he said.

Other announcements

At the same event, BML introduced international accounts through its Swipe digital wallet, allowing customers to hold US dollar, pound sterling, and euro accounts with individual International Bank Account Numbers (IBANs). Shareef said the feature is intended for freelancers, content creators, and young entrepreneurs receiving international payments. Swipe has more than 20,000 users, and over 3,300 businesses accept payments through the platform, he said.

BML also launched a MVR 1 billion Youth Entrepreneurship Financing scheme for Maldivians aged 18 to 30, combining financing with training, mentorship, and business development support, run jointly with BML subsidiary SME Digital.