Although the post of Chief Financial Officer (CFO) is currently vacant, the bank’s financial affairs are being managed by highly qualified professionals with the necessary technical expertise and experience, the Bank of Maldives (BML) has insisted.
The national bank made these remarks in response to concerns raised by financial experts regarding the absence of a CFO at the country’s largest financial institution during a period of economic fragility.
When questioned by Adhadhu regarding the matter, BML clarified that its Finance Division is currently headed by a qualified Chartered Accountant. The bank further noted that the division employs a total of four Chartered Accountants, all of whom are Maldivians.
"The individual [overseeing BML’s finance] possesses the professional qualifications and experience required to authorize the publication of the bank’s financial statements in accordance with national and international regulatory standards," BML stated.
Financial experts concerned as BML operates without CFO for six months!
Financial experts are raising alarms as the Bank of Maldives has operated without a Chief Financial Officer for six months. Amid a severe dollar liquidity crisis, critics warn that the lack of a CFO weakens internal oversight and essential checks and balances.
Sources informed Adhadhu that the Head of Finance is slated to assume the role of CFO. The transition has reportedly been delayed as the individual works to complete a specific certification mandated by laws and regulations.
BML did not provide a direct answer when asked if a specific individual is being trained to take over the CFO role once the qualifications are met. However, the bank’s response suggested that such a plan is in place.
"We are committed to elevating the caliber of the bank’s leadership, developing talent, and ensuring that all individuals in key positions fully meet the requirements necessary to discharge their responsibilities," the bank said.
BML further highlighted that despite the absence of a CFO, the bank achieved record profits and significant financial growth last year. The bank also noted that this year marked the earliest publication of its financial reports to date.
While the bank saw high profits last year, the broader economy—and BML by extension—is now facing challenges due to a downturn in the tourism industry linked to the conflict involving Iran. It stems from a decline in dollar revenue resulting from fewer tourist arrivals and reduced tourist spending.
Consequently, the bank has been forced to implement measures to manage its dollar liquidity. These measures include tighter controls on providing dollar support for Telegraphic Transfers (TTs) and setting daily budget limits on transactions for major e-commerce platforms.
