Business owners have reported that the ongoing difficulties with US Dollar transfers and Telegraphic Transfer (TT) services at the Bank of Maldives (BML) remain unresolved.
On September 19, BML stated that the issues would be rectified within a week. However, eight days later, businesses have confirmed that both problems persist.
"TTs still cannot be processed, and dollar transfers are not going through. This is causing losses to businesses beyond what words can describe," a businessman told Adhadhu.
BML only acknowledged the difficulties in processing dollar transfers and TTs after several months of customers facing these challenges.
"Due to an increase in dollar outflows, there have been delays in completing dollar transactions over the past two weeks, including Telegraphic Transfers (TTs) and interbank transfers," the bank stated on September 19.
In response to the dollar shortage, the bank further tightened limits on debit and credit card transactions. Currently, the total daily limit for such transactions across the entire country is capped at $16 million. The bank claimed that these measures would stabilise the dollar situation within a week.
"These measures have helped align the volume of dollar outflows with the bank's inflows. We anticipate that dollar transactions will return to normal by the end of the coming week," BML stated.
