The Chief Executive of the Bank of Maldives (BML), Mohamed Shareef, has said the bank has not breached any board-mandated standards in its investments in government treasury bills, responding to public speculation and allegations from various parties.
Speaking at a ceremony marking the expansion of the bank’s branch and ATM network, Shareef said the institution invests its surplus capital in treasury bills as a low-risk financial activity, in line with standard global banking practices.
Providing context on the bank’s investment approach, Shareef outlined the strategy followed over the past decade. “When observing how investments in government treasury bills and bonds have been managed relative to the bank's capital from 2015 through 2025, our allocations have consistently been maintained at a level roughly proportional to our capital,” he said.
“In pursuing these investments, we have strictly adhered to, and have never violated, the risk appetite parameters formally established by our board of directors,” he added.
The bank typically invests in treasury bills with maturity periods of one year or less, which are subject to an annual rollover process. By the end of 2025, USD 700.39 million of the bank’s total volume consisted of bills that had been rolled over during the year.
“These do not represent entirely new investments. Furthermore, this total includes the conversion of USD 192.8 million worth of Maldivian Rufiyaa treasury bills from earlier investments into United States dollar treasury bonds,” Shareef said, noting that these conversions were made to address a shortfall in the bank’s net open position.
He also revealed that an additional USD 42,364,910.37 had been invested in treasury bills, matched against state fixed deposits.
Shareef reiterated that the bank’s investments in the previous year showed no “extraordinary surges” and were carried out strictly within established procedures.