Amidst a severe dollar shortage that has left the public struggling to access foreign currency, Maldivian Democratic Party (MDP) Chairperson and former President Mohamed Nasheed has called on international audit firms operating in the Maldives to disclose the true financial state of the Bank of Maldives (BML).
In a post on X today, Nasheed claimed that the state’s foreign currency reserves have been depleted. He noted that even under such circumstances, the country currently requires an immediate injection of $50 million.
"The government has forced BML to use customer deposits to settle sovereign debt. As a result, the bank is now unable to facilitate withdrawals," Nasheed stated.
Nasheed further suggested that BML’s hope to normalise customer services by next week is based on the assumption that the Maldives Monetary Authority (MMA) will receive $160 million following the implementation of a policy requiring resorts to exchange 40 percent of their foreign exchange earnings.
"This is not an economic or financial strategy; it is merely a hope. Since BML is a public bank, international audit firms in the Maldives must reveal the bank's true accounts," Nasheed urged.
BML said it has taken measures to manage the inflow and outflow of dollars. The bank noted that it has limited e-commerce transactions and is prioritising essential and critical payments.
While BML has assured that a swift solution to the dollar shortage is forthcoming, the business community remains deeply concerned about delays in internal bank transfers and telegraphic transfers (TTs) remaining unprocessed for days. Businesses have also reported difficulties in securing dollar support.
Furthermore, the general public continues to face challenges in making foreign currency transactions using Maldivian Rufiyaa cards. Despite BML implementing a daily budget that resets every morning at 7:00, customers continue to complain about difficulties processing card payments.
