Tue, 22 Sept 2026, 04:32 am

ދިވެހި

ދިވެހިއަށް ބަދަލުކުރޭ

Business

Banking sector representative appointed to PCB

Jun 24, 2026, 11:16 AM

Zaina Abdulla has been appointed to the Privatization and Corporatization Board (PCB) as a representative of the banking sector.

Appointed to the PCB yesterday, Zaina currently serves at the Maldives Islamic Bank (MIB).

Members of the PCB are appointed by the President under the Law on Privatization, Corporatization, Monitoring, and Evaluation of Government Businesses.

The board is the statutory body responsible for strengthening the governance of state-owned enterprises, as well as the appointment and removal of members to their respective boards of directors.

Privatization and Corporatization Board Maldives Islamic Bank

Comments

MIB restricts dollar limits on MVR cards for some platforms

Jun 24

MIB offers higher profit rates for Promotional GIA

Jun 23

HDC demands repayment from staff six months after bonus error

Jun 21

MIB opens sales center and ATM in Dhiggaru

Jun 21

Latest News

Businesses face challenges in securing dollar support from BML

Bank of Maldives has notified businesses that dollar support for transfers is now strictly subject to availability. Importers face automatic cancellations if accounts lack full invoice amounts, as the bank struggles with a severe foreign exchange shortage. Business owners report receiving zero support and no prior notice of these changes.

Dollar transfers will return to normal within next week: BML

Bank of Maldives expects dollar transfer services to return to normal next week following recent delays caused by a surge in demand. The bank implemented measures to manage unsustainable outflows from Rufiyaa accounts, noting that the issue is a temporary supply imbalance and not a reflection of its overall financial health.

BML denies funding $50 million debt repayment to SBI

Bank of Maldives denied claims that it provided $50 million to the government for debt repayment to the State Bank of India. The bank clarified that no customer deposits or internal resources were used for the payment. BML maintained its financial stability despite ongoing dollar liquidity challenges and warned against spreading misinformation.

Exclusive: Maldives sought extension on $50M India debt

The Maldives government requested a further extension to repay a final $50 million debt installment to India, but the request was denied. Despite the refusal, the Maldives settled the payment last week using its Sovereign Development Fund. This follows previous rollovers and a $50 million grant provided by India earlier this year.

Businesses allege BML is blocking USD transfers

Business owners are accusing the Bank of Maldives of blocking USD transfers to other banks amid a liquidity crisis. Despite having sufficient funds, traders report significant delays in processing payments and transfers via the MRTGS system. BML cited a backlog, reportedly prioritizing essential imports like food and medicine.

Government settles final $50 million debt to SBI

The government has fully repaid a $150 million debt to the State Bank of India, settling the final $50 million installment this month. The debt, originally incurred in 2019, was cleared in three stages under the current administration. This payment is part of a broader $2.3 billion effort to service foreign debt over the last two years.

Govt urged to suspend dollar mandate and tax changes

Tourism advocacy group Destination Future is urging the government to suspend a planned 40% foreign currency conversion mandate and new tax changes for tour operators. The group warns these measures could cause irreparable damage to the industry, which is already struggling with declining occupancy and rising supply costs.

Get the latest news delivered straight to your inbox