Bank of Maldives (BML) is facing renewed public backlash as issues with withdrawing cash from its US Dollar ATMs continue to frustrate customers.
Several individuals who spoke to Adhadhu reported difficulties withdrawing funds from the three dollar ATMs located at Star Clouds on Majeedhee Magu. Similar complaints have surfaced on social media, with residents in Hulhumalé also reporting that dollar ATMs in the suburb are non-functional.
Journalists from Adhadhu observed scenes of public anger and distress near dollar ATM locations.
"This is the third consecutive day that dollars cannot be withdrawn from any BML ATM in Malé or Hulhumalé. Why can't we access our own money sitting in our accounts? And yet, they continue to open more embassies across the globe," one frustrated customer wrote in a social media post.
When contacted for comment regarding the issue, BML spokesperson Mohamed Saeed said he would provide a statement later. However, he did not answer follow-up calls, and the bank’s official stance on the disruption remains unavailable.
The Maldives has been grappling with a severe dollar crisis that has strained the banking system. Last September, the situation escalated to the point where the bank struggled to process Telegraphic Transfers (TTs) for businesses. Customers also faced hurdles when attempting to transfer US dollars from BML to other local banks.
"Due to an increase in dollar outflows, there have been delays in processing dollar transactions over the past two weeks, including Telegraphic Transfers (TTs) and interbank transfers," the bank stated on September 19.
In response to the liquidity crunch, the bank further tightened limits on debit and credit card transactions. Currently, the total daily limit for dollar transactions across the entire country is capped at $16 million. At the time these measures were introduced, the bank projected that the dollar situation would stabilise 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 had previously stated.
