Bank of Maldives (BML) CEO Mohamed Shareef has stated that the current dollar shortage facing the bank is not due to a lack of funds, but rather an issue arising from the outflow of dollars exceeding the inflow. Despite BML having the largest deposit base in the country, the CEO explained that since dollar deposits are liabilities that must be repaid to customers, those funds cannot be utilized to facilitate foreign transactions made through Maldivian Rufiyaa accounts.
Over the past five years, spending on online businesses has quadrupled, with the bank selling an average of $39 million monthly for card transactions. The CEO noted that the primary challenge in sourcing dollars is the reduced inflow to the bank caused by high exchange rates in the black market. However, he highlighted that the bank’s financial position has been strengthened through measures taken in collaboration with the government.
The CEO reassured that the bank remains committed to providing dollars for essential needs, including education and medical expenses. Furthermore, BML has introduced new investment opportunities aimed at increasing the supply of US dollars within the system.
