Spreading false claims that Bank of Maldives (BML) does not have US dollars could cause serious damage to the national economy, BML Chief Executive Officer Mohamed Shareef has said.

Speaking at the opening ceremony of the Youth Entrepreneurs Expo, he said BML is closely linked to the Maldivian economy and warned that attempts to create a negative perception of the bank could harm both the institution and the wider economy.

CEO Shareef referred to claims circulated on social media that BML does not have sufficient US dollars, lacks the capacity to support the public, wastes funds by establishing ATMs across the islands, and should not participate in housing projects.

He said claims that the bank does not have US dollars create a false impression of a shortage and could increase demand in the black market.

He urged the public not to spread false or misleading information about BML, saying it could damage the bank’s reputation. He said the bank’s decisions and disclosures are guided by banking expertise, corporate governance principles, and international risk management standards, with oversight from regulatory authorities and external auditors.

CEO Shareef said BML sold an average of USD 21 million per month in 2021 through card transactions, telegraphic transfers (TT) for businesses, and cash sales to travellers. This year, the monthly average has increased to USD 80 million.

He added that the first six months of this year recorded the highest average monthly dollar sales to customers in BML’s history. Foreign currency was provided for card transactions, telegraphic transfers, education, medical treatment, travel, and cash purchases.

CEO Shareef acknowledged that managing foreign currency has become more challenging as the amount of US dollars the bank is required to sell has grown beyond the amount it purchases. He added that demand for foreign currency for e-commerce transactions is also increasing.

He said the bank has a responsibility to balance its foreign currency purchases and sales while prioritising essential requirements and ensuring that dollars generated within the Maldives are made available to those who need them.

Addressing criticism over the expansion of ATM and branch services across the atolls, CEO Shareef said the services were established in response to continued public demand.

He said residents of the atolls should have access to banking services in the same way as residents of Malé, adding that expanding those services was not a wasteful investment but part of the bank’s responsibility.

BML is the country’s largest bank and provides services across the Maldives, from Thuraakunu in the north to Gan in Seenu Atoll. CEO Shareef said the bank aims to provide modern, reliable, and inclusive financial services to every Maldivian, regardless of where they live.

CEO Shareef also said BML issued MVR 10 billion in loans last year and a further MVR 8 billion during the first six months of this year, reflecting the bank’s contribution to the development of the national economy.