BML rejects claims on dollar reserves and blackmarket trade

The Bank of Maldives (BML) has rejected claims that its dollar reserves are depleted and that it obtained foreign currency through informal dealers.

A statement issued by BML spokesperson Mohamed Saeed said Monday that allegations circulated on social media by an unidentified source are false.

Saeed stated that, as a regulated financial institution, the bank operates under the standards and reporting requirements set by the Maldives Monetary Authority (MMA).

According to figures released with the bank’s first-quarter financial statements, BML sold a total of $226 million to businesses and individuals. Of this amount, $106.2 million was allocated for imports of food, essential goods, and commercial purposes. The bank said this represents a 142 per cent increase compared with the monthly average recorded last year.

In addition, more than $25 million was released for essential goods imports during the first 15 days of the current month. This is double the amount recorded during the same period last year.

BML stated that the increase in foreign exchange supply reflects its liquidity management and its role in supporting economic activity in Maldives.

The bank added that it continues to provide foreign transaction services and remains a central institution in the payment system linking Maldives with international markets.

In the statement, Saeed said the bank’s balance sheet and capital adequacy remain stable, and that services to individuals and businesses will continue.