Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef has alleged that false rumours regarding a dollar shortage are being spread intentionally to drive up exchange rates on the black market.
Speaking at the opening ceremony of the Youth Entrepreneurs Expo, Shareef expressed concern that the misinformation surrounding the bank’s foreign currency liquidity is creating a negative public perception that could cause irreparable damage to the institution.
Refuting claims that BML lacks foreign currency, Shareef shared statistics on card transactions, business telegraphic transfers (TTs), and cash sales for travellers. He highlighted that the bank is currently selling more dollars than at any other point in its history.
In 2021, BML sold an average of USD 21 million per month, a figure that rose to USD 37 million in 2023. This has now more than doubled to USD 80 million per month. Furthermore, the volume of dollar-denominated loans issued by the bank has surged from USD 37 million to USD 226 million over the same period.
Pointing to these figures and the recent increase in limits for Rufiyaa-linked cards, Shareef questioned how the bank could be selling record amounts of foreign currency if it were facing a shortage.
"In my view, the purpose of spreading such rumours and creating the perception that the bank is out of dollars is simply to hike up the price of dollars on the black market," Shareef said.
While dismissing the rumours as false, Shareef did acknowledge the ongoing challenge where the demand for dollars outweighs the supply available for the bank to purchase.
