Business owners have begun voicing concerns over delays in Telegraphic Transfers (TTs) processed through the Bank of Maldives (BML) to foreign suppliers.
They report that these delays are damaging long-standing business relationships, tarnishing their reputations, and leading to mounting financial losses.
While merchants have been complaining about the delays for some time, BML only acknowledged the issue in a statement released on Saturday. Prior to this, the bank had denied media reports citing business owners who claimed such problems existed.
Speaking to Adhadhu on the condition of anonymity, an importer of agricultural equipment explained that his Chinese supplier requires a 20 percent advance payment to begin production. The remaining 80 percent must be settled once production is complete and the goods are ready for shipment.
"They only load the goods onto the vessel once they receive the funds. It has been three years, and we never faced an issue until now," the businessman said.
The importer noted that he attempted to process the TT using the bank’s dollar support. However, fearing that such support might not be available given the current situation, he opted to process the TT by deducting the full dollar amount from his own account.
Despite this, the businessman reported that it took 19 days for the funds to be deposited into the supplier's account.
Another major importer highlighted that payment delays had left shipments stranded at the port, resulting in over MVR 70,000 in demurrage charges. The company, which imports a wide variety of general consumer goods, was forced to pay these penalties because the supplier refused to release the necessary documentation until the payment was confirmed.
The importer warned that BML’s shortcomings have pushed businesses to the brink of financial ruin and severely strained ties with international partners.
"When I tell them the money has been sent, they expect to receive it. Previously, it took about three days. Now that it is taking 21 to 22 days, they are questioning the financial health of my business," he said.
As the crisis escalates, some business owners also allege that BML is no longer providing the standard transaction documentation. Rafeeuddin Naseem (Rafeeu), who operates Cyrix and Xeon Mobiles, provided a detailed account of these difficulties.
Writing on social media, Rafeeu stated that the Unique End-to-End Transaction Reference (UETR) numbers provided by BML cannot be traced by the suppliers' beneficiary banks. Furthermore, he claimed that these transactions are not appearing in the SWIFT system.
He noted that when he contacted BML regarding the issue and requested a copy of the MT103—a standard SWIFT message used for international transfers—the bank refused to provide it. He added that the bank also failed to share the alternative documentation it had promised to issue instead.
In addition to the hurdles faced by businesses, the ongoing dollar shortage continues to cause widespread difficulties for the general public.
