BML denies SWIFT suspension claims
He said cross-border payment services continue through cards and telegraphic transfers.
Bank of Maldives (BML) CEO Mohamed Shareef has stated that Maldives has not been suspended from SWIFT, the system used for transactions between financial institutions.
Rumours circulated on social media claiming that SWIFT had suspended BML and blocked cross-border transactions such as telegraphic transfers (TTs).
Speaking at the foundation stone laying ceremony of a flat in Hulhumale’ under BML’s Affordable Housing Project Tuesday evening, Shareef rejected the claims.
He said media organisations had sought clarification regarding reports that SWIFT had suspended the bank and that cross-border payments could not be carried out due to a lack of funds in Nostro accounts.
Shareef said the claims were not accurate.
He said SWIFT has not suspended the bank and that BML holds sufficient foreign currency liquidity, including funds in its Nostro accounts.
He said cross-border payment services continue through cards and telegraphic transfers.
Shareef added that if funds were not available in Nostro accounts, international payment services could not be provided.
He said BML continues to provide its services, including cross-border transactions, and warned that such claims could affect customers and partners.
Shareef said incorrect information could impact the banking system and the economy.
He added that banking information will be issued by the bank or the Maldives Monetary Authority (MMA), and requested customers to avoid misinformation shared without verification.
