An X post by Mohamed Saeed, Spokesperson of the Bank of Maldives (BML), has firmly dismissed allegations circulating on social media, with the bank denying claims that it sourced foreign currency through illegal or informal black market channels.
In the post, Saeed described the accusations as baseless and without merit, emphasizing that BML operates under strict regulatory oversight and remains fully compliant with the frameworks set by the Maldives Monetary Authority (MMA).
The statement comes alongside the bank’s first-quarter financial results, which highlight a significant increase in foreign currency support to the economy. BML reported selling USD 226 million to businesses and individuals during the quarter, including USD 106.2 million allocated for the import of food, essential goods, and business requirements.
This represents a 142 percent increase compared to last year’s monthly average. The bank also noted that more than USD 25 million was provided for essential imports within the first 15 days of April alone, double the amount recorded during the same period in 2025.
According to BML, the sustained rise in dollar supply reflects strong liquidity management and its continued ability to meet national demand. The figures, the bank said, serve as clear evidence countering claims that its foreign currency reserves are under strain.
Reaffirming its role as the backbone of the Maldives’ financial system, BML stated that it remains the primary facilitator of international transactions. The bank added that its balance sheet and capital adequacy remain strong, and pledged continued transparency and support for individuals and businesses across the country.
