The Minister of Finance and Planning, Moosa Zameer has stated that Bank of Maldives (BML) has consolidated its place as the nation’s bank and is a key development partner for the country’s development agenda.
Speaking at the inauguration of BML’s new branch office in Kudahuvadhoo in Dhaalu Atoll, Minister Zameer noted that with the changes brought to BML since President Dr Mohamed Muizzu took office, the bank has rightfully cemented its place as the nation’s bank. The Minister reflected on the bank’s role in recent development projects undertaken by the government, and said this showcases the growing involvement of the bank in the country’s development plan.
“I would like to highlight that the bank has grown from a start up capital of USD 648,509 to amassing a capital of over USD 1 billion. And how the citizens have benefited from this growth. Under President Dr Mohamed Muizzu’s term, we have now witnessed the bank consolidate its place as the nation’s bank. We are witnessing initiatives undertaken to develop small and medium enterprises in tandem with large businesses.” Minister Zameer stated.
The minister also gave his opinion on public discourse regarding the bank’s business model and its partnership with the government.
“It is of note that there is increasing public debate on the growth of the bank, its business model as well as its partnership with the government. We all must acknowledge the reality that as a nation’s economy expands and grows, every national bank will also expand and grow in parallel and will be providing services that other banks simply would not provide. This is a status quo, at all developed nations” the minister pointed out.
Looking ahead, the minister hoped that in the future, the bank will continue to expand its service portfolio. He said the bank’s most important role is to partner with the businesses in the country’s private sector whether they be small, medium or large companies and provide work together to ensure success. And if work is carried out accordingly, it will benefit the entire nation, he added.