Bank of Maldives (BML) has said that it sold USD 333 million in excess of what it was able to buy from customers and the central bank, Maldives Monetary Authority (MMA).

Speaking at the BML’s annual general meeting on Tuesday, BML CEO Karl Stumke said the bank’s biggest challenge is to provide dollar support for goods imports, overseas education and medical needs.

He noted that BML has sold USD 333 million more than the amount it received from customers and the MMA to support the economy since 2019.

"We sold USD 333 million more than we got to buy. This is not sustainable," the BML CEO said.

Meanwhile, BML's annual report highlighted that the bank must make difficult decisions to reduce exposure to risks and improve its financial situation while it is not sustainable to continue selling something that is not available for the bank to buy.

In January this year, BML configured its systems to enable transactions in Chinese Yuan and UAE Dirham to meet the future needs of customers looking at the growing Chinese and Arab markets.