Mohamed Shareef, the CEO of the Bank of Maldives (BML), has categorically denied allegations suggesting that customer foreign currency deposits held at the bank were utilized to settle government debts. He emphasized that the bank’s foremost priority remains the protection of customer deposits, clarifying that the bank’s US Dollar liquidity is primarily allocated toward supporting the growth and development of the tourism industry.
Furthermore, the Ministry of Finance has confirmed that the funds required for the repayment of state sukuks and loans were facilitated through the official state reserves and the Sovereign Development Fund (SDF). The Ministry also highlighted that, due to the government’s robust economic policies, the Maldives’ official reserves have reached historically significant levels.
