The Bank of Maldives (BML) has refuted claims that it has issued loans to contractors involved in private company projects without the approval of its Board of Directors or in violation of lending rules.

In a statement, the Bank said its Board and Management operate independently and in accordance with banking laws, regulations set by the Maldives Monetary Authority (MMA), and international standards such as Basel III and IFRS 9. It said the Bank’s financial statements are regularly audited by independent international audit firms to ensure compliance and accountability.

BML said all loans are issued based on policies approved by the Board of Directors and in line with MMA regulations. Lending decisions, the Bank said, take into account borrower capacity, exposure limits, and credit risk assessments. The Bank noted that companies awarded Government projects are eligible to apply for loans under existing commercial procedures and that no individual employee has the authority to approve loans independently.

As of the end of the third quarter of 2025, BML’s total loan portfolio stood at MVR 23.7 billion, with MVR 6.5 billion in new loans issued this year. Loans were distributed across multiple sectors, including MVR 8.71 billion for tourism, MVR 5.34 billion for private individuals, MVR 5.09 billion for construction and housing, MVR 2.40 billion for transport and communication, MVR 1.04 billion for businesses, and MVR 1.11 billion for other sectors.

BML said the figures reflect that lending is conducted within approved risk limits and under established rules. The Bank also urged the public to avoid spreading misinformation and said that misleading statements could cause unnecessary concern among customers and shareholders.