Bank of Maldives (BML) CEO Mohamed Shareef has cautioned that spreading unfounded allegations about the bank’s USD liquidity could inflict “irreparable damage” on both the bank and the wider Maldivian economy.
Speaking at the opening ceremony of the Youth Entrepreneurs Expo, Shareef emphasised BML’s integral role in the nation’s financial system and warned that baseless rumours risk eroding public confidence and stifling economic activity.
Among the circulating claims are assertions that BML lacks sufficient dollars to support customers, that establishing ATM services in the atolls is a waste of resources, and that the bank should refrain from participating in housing projects.
Shareef dismissed each accusation, presenting data to demonstrate the bank’s robust foreign‑exchange activity. He noted that in 2021 BML sold an average of USD 21 million per month for card transactions, telegraphic transfers to businesses, and cash for departing travelers. This year, the monthly average has risen to around USD 80 million, a figure that, according to Shareef, exceeds the amount of dollars the bank can acquire on the market.
“For the past six months, BML has sold the highest number of dollars to customers on average per month in its history. The volume of dollars we are able to sell now far outpaces what we can purchase, underscoring the bank’s active participation in the foreign‑exchange market and its capacity to meet customer demand,” he said.
Addressing concerns about ATM proliferation in the atolls, Shareef asserted that the expansion was driven by persistent demand from atoll residents who seek the same banking convenience available in Male’.
“ATMs and branches were set up in the atolls because the people of these islands constantly say they need these services. It is not a wasteful investment. It is the bank’s responsibility to provide equitable access,” he added.
Shareef also highlighted BML’s contribution to national development through lending, revealing that the bank disbursed USD 648.5 million in loans last year and USD 518.8 million in the first six months of 2026 alone.
He framed these figures as evidence of BML’s steadfast commitment to supporting businesses, entrepreneurs, and housing initiatives across the Maldives.