BML to facilitate transactions in Emirati Dirham, Chinese Yuan

Bank of Maldives (BML) configured its systems to facilitate transactions in both the Emirati Dirham (AED) and the Chinese Yuan (Renminbi), the bank's CEO and Managing Director Karl Stumke revealed Tuesday.

Speaking at Bank of Maldives’ Annual General Meeting held Tuesday evening, Stumke expressed pride in the Bank's achievements, outlining key initiatives that contributed to its success including investments in customer service, infrastructure, and digital solutions as well as a strong commitment to sustainability and community support.

Karl spoke of continuing to meet the evolving needs of its customers including the recent “system configuration to facilitate both the Emirati Dirham (AED) and the Chinese Yuan (Renminbi) as currencies with which our customers can now transact."

"We are now able to provide Renminbi accounts to our customers who would like to receive Renminbi settlements and use this for future payment obligations.”

He also noted that the bank had achieved highest-ever net profit of MVR 2.07 billion last year with efficient liquidity management, increased investment in Treasury Bills, and a growing loan portfolio contributing to this achievement.

"Our customer deposits grew by MVR 1.6 billion, solidifying our position as the leading bank in the Maldives with over 55% of the market share and reflecting the trust our customers place in us.”

On the future of the Bank, Stumke assured that the bank would continue to uphold the highest standards of governance and customer centricity, with a focus on digitalization while striving to create a more sustainable and inclusive future.

"Together, we will continue to build a stronger, more prosperous future for Bank of Maldives and the nation we serve.”