BML says dollar support for TTs continues daily

The Bank of Maldives (BML) said that a report by the Adhadhu newspaper stating that the bank had stopped dollar support for businesses to make telegraphic transfers (TTs) was inaccurate.

In a statement Monday, BML said it continues to sell dollars to businesses to send TTs within the limit set for each business. The bank said it had sold the maximum amount allocated to each customer for this month.

“So far, no business that has applied for dollar assistance to make a TT has been denied. However, the bank may not be able to provide the full amount required for a TT,” the statement said.

BML said it is maintaining foreign exchange liquidity and continuing support for businesses and individuals amid developments in the Middle East and changes in remittance flows.

The bank said it is providing dollars to businesses to send funds abroad for food and other purposes. It provided the following figures:

“Information on customers and financial transactions can only be disclosed by the bank,” the statement said.

The bank expressed concern over the publication of such information, stating that it could affect customers and the wider public.