Bank of Maldives (BML) acknowledged yesterday that there have been delays in processing dollar transactions over the past two weeks, including Telegraphic Transfers (TTs) and interbank transfers.
The bank assured that these services are expected to return to normal within the coming week.
In a statement addressing the issue, BML explained that the situation arose due to a surge in the demand for US dollars, particularly for foreign transactions conducted through Maldivian Rufiyaa accounts.
According to statistics shared by the bank, BML sold $653 million by the end of last month, averaging $81.6 million per month. This represents a 33.3 percent increase compared to the previous year. The bank estimates that if dollar sales continue at this rate, the total could reach $1 billion by the end of the year.
BML emphasized that the current volume of dollar outflows from Rufiyaa accounts is unsustainable relative to the amount of foreign currency the bank receives. The bank further noted that challenges have intensified as September is typically a month characterized by heightened dollar liquidity constraints.
To manage the balance between dollar inflows and outflows, BML stated it has implemented several measures. These include limiting e-commerce transactions and prioritizing essential and critical payments.
The bank reported that these measures are yielding results, with dollar outflows now being maintained at a level consistent with the bank's dollar inflows.
Concluding the statement, BML reassured customers that the current situation is not a reflection of the bank's financial health. The bank clarified that this is a temporary issue related to dollar supply.
"The bank remains financially sound. The current situation is a temporary imbalance between dollar demand and supply. This is not a weakness in the bank's operations or its balance sheet," the statement read.
While BML has assured a swift resolution to the dollar shortage, the business community remains deeply concerned about the inability to process interbank transfers and the lengthy delays in completing TTs. Businesses have also reported difficulties in securing dollar support under the current conditions.
Furthermore, members of the general public continue to face challenges when using Rufiyaa cards for dollar transactions. Despite BML's implementation of a daily budget that resets at 7:00 am each day, customers continue to report frequent difficulties in processing card payments.
