The Bank of Maldives has rejected allegations circulating on social media that it has obtained foreign currency through black market channels, describing the claims as false and baseless.

In a statement, BML spokesperson Mohamed Saeed said the bank operates in full compliance with prudential guidelines and reporting frameworks set by the Maldives Monetary Authority, stressing that the institution adheres strictly to regulatory requirements.

He said the bank sold a total of USD 226 million to businesses and individuals during the first quarter, including USD 106.2 million allocated for the import of food, essential commodities and other commercial needs, representing a 142 per cent increase compared to the previous year’s average. In the first 15 days of April alone, more than USD 25 million was provided for essential imports, more than double the amount recorded during the same period last year.

Saeed said these figures demonstrate the bank’s ability to meet foreign currency demand and contradict claims that its reserves are depleted, adding that BML maintains a strong balance sheet and capital adequacy position.

He added that the bank will continue to provide foreign exchange services transparently to support businesses and individuals, noting that BML remains a key pillar of the Maldivian financial system and a major provider of foreign currency transactions in the country.