The Bank of Maldives has firmly rejected claims published by Adhadhu alleging that the bank has halted US dollar support for business telegraphic transfers, describing the report as “false and misleading”.
In a detailed statement, BML clarified that dollar support for TTs remains fully operational, with businesses continuing to receive foreign currency allocations within their established limits under existing procedures. The bank stressed that no business request for TT-related dollar support has been outright denied, although full requested amounts may not always be met due to liquidity management considerations.
The clarification comes amid heightened demand for foreign currency, driven in part by regional instability in the Middle East, which has increased outward remittance pressures. Despite this, BML stated it has maintained a steady flow of dollar support, prioritizing essential economic activity.
According to the bank, USD 106.2 million was sold for outward remittances during the first quarter of the year, averaging USD 35.4 million per month. This marks a 142 percent increase compared to last year’s monthly average of USD 14.6 million. In total, 38,855 telegraphic transfers have been supported so far this year, including more than 6,800 transactions processed in April alone. On a single day this week, the bank facilitated 327 TTs, amounting to over USD 900,000.
BML also highlighted that it has expanded dollar allocations for critical imports, including food and other essential goods, as part of its broader strategy to safeguard economic stability during a period of external uncertainty.
The bank emphasized that only official communications from BML should be relied upon for accurate information regarding customer transactions and foreign currency services. It warned that the circulation of unverified claims risks undermining public confidence and creating unnecessary concern among businesses and individuals.
The statement further accused Adhadhu of repeatedly publishing inaccurate narratives targeting the bank, asserting that such reporting could erode trust in the country’s financial system at a sensitive time.
BML reiterated its commitment to prudent foreign currency management while ensuring continued support for both businesses and the wider economy.
