BML Denies Sourcing USD from Informal Private Dealers

Bank of Maldives Spokesperson Mohamed Saeed has issued a denial of allegations circulating on social media that the national bank has resorted to sourcing US Dollars from illegal, informal private dealers in the black market, labeling the claims a "complete fabrication."

In a statement released via Twitter on Tuesday, he dismissed the anonymous accusations as "categorically false and entirely baseless," while simultaneously unveiling robust financial data that underscores BML's expansive support for the import sector and the broader Maldivian economy.

While addressing the rumors head-on, his primary message centered on the bank's performance metrics, revealing that BML had sold a total of USD 226 million to businesses and individuals during the first quarter of this year.

According to data published by the bank today, USD 106.2 million of that sum was specifically allocated for the importation of food, essential goods, and critical business operational requirements. He noted this targeted support represents a 142 percent increase** compared to the monthly average of the previous year, demonstrating what he described as the "strength of the Bank's liquidity management."

He further highlighted that the momentum has carried strongly into the second quarter. In the first 15 days of April alone, BML sold over USD 25 million for the import of essential goods. He pointed out that this figure is double the amount issued during the same period last year.

"Achieving such significant and sustainable growth in providing foreign currency to the nation's economy demonstrates our commitment to meeting the needs of the Maldivian people and businesses," he stated. "Furthermore, this serves as evidence against claims that the Bank’s dollar reserves have been depleted."

He reiterated BML's position as the largest and most stringently regulated financial institution in the Maldives, emphasizing that the bank operates in "full compliance" with the prudential guidelines and reporting frameworks established by the Maldives Monetary Authority (MMA).

"BML is deeply integrated into the Maldivian economy and serves as the backbone of the payment system connecting the Maldives to the international community," added. "The Bank’s balance sheet and capital adequacy remain very strong. We remain committed to serving the Maldivian people and businesses with transparency."