Dollar Crisis
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BusinessBML fails to resolve USD transfer and TT issues despite deadline
The Bank of Maldives has failed to resolve ongoing US Dollar transfer and Telegraphic Transfer issues despite a self-imposed one-week deadline. Businesses continue to report significant financial losses as transaction delays persist. The bank previously tightened card limits to manage a dollar shortage, but services have yet to return to normal.
BusinessBusinesses allege BML is blocking USD transfers
Business owners are accusing the Bank of Maldives of blocking USD transfers to other banks amid a liquidity crisis. Despite having sufficient funds, traders report significant delays in processing payments and transfers via the MRTGS system. BML cited a backlog, reportedly prioritizing essential imports like food and medicine.
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BML admits challenges in processing TTs due to USD shortage
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