BML stresses national-level consequences if false claims undermine confidence in the banking sector

The Bank of Maldives (BML) has warned that the spread of false information about the bank could jeopardise its relationships with foreign financial institutions and inflict long-term damage on the country’s financial system.

BML’s Head of Brand and Marketing Strategy, Mohamed Saeed, said the bank remains one of the most critical pillars of the Maldivian economy. He noted that attempts to undermine confidence in BML and the wider financial system would create serious challenges, including adverse impacts on correspondent banking relationships with overseas banks and financial institutions.

Saeed said that if a correspondent banking relationship is disrupted, Maldivian students and other individuals living abroad would face difficulties in sending money and using bank cards.

Sharing key statistics on the bank’s services, Saeed said the amount of dollars sold by BML to individuals and businesses has risen significantly this year. While the bank averaged USD 40 million in monthly sales last year, it has so far disbursed more than USD 81 million per month in 2024.

He added that BML issued MVR 8.9 billion in new loans during the first seven months of this year, including a dollar component of approximately USD 270 million.

BML remains the most trusted institution in the Maldivian banking sector and plays a leading role in the financial market. The bank said spreading untrue stories is not in the national interest and poses risks to the stability of the financial system.