Bank of Maldives (BML) has rejected a claim published by Adhadhu that the bank has stopped providing dollar support for businesses seeking telegraphic transfers (TTs).

In a statement, BML said it continues to sell dollars for business TTs under its existing policy, within the limits allocated to each customer. The bank said customers are still being provided the maximum amount available to them under those limits.

BML also said no applicant seeking a TT through the bank has been refused dollar support, although some businesses may not always receive the full amount requested.

The bank said recent instability in the Middle East has contributed to a rise in outward payments from the Maldives through the banking system, exceeding the amount of money coming into the country through banks.

Despite this, BML said it is continuing efforts to maintain foreign currency liquidity and support both businesses and individuals. The bank added that it has been providing more dollars than before to help businesses make overseas payments for trade and other purposes.

BML said it sold USD 106.2 million for outward remittances in the first quarter of this year, representing an average of USD 35.4 million per month.

The bank said this was a 142 per cent increase compared with last year’s monthly average of USD 14.6 million.

BML further stated that it has provided foreign currency support for 38,855 TTs so far this year. In April alone, support had already been extended for more than 6,800 TTs. The bank added that more than USD 900,000 was sold for 327 TTs on a single day yesterday.

The statement also stressed that customer information and details of banking transactions are confidential and may only be disclosed to the relevant customer.

BML said the circulation of such claims on an issue of this nature, in a way that causes unnecessary concern among customers and the public, is a matter of serious concern for the bank.

The bank concluded by stating that the claim was part of a series of false reports circulated by Adhadhu aimed at undermining public confidence in BML.