The Bank of Maldives (BML) has moved to quash widespread rumours that it has ceased providing US dollar support to local businesses for outgoing Telegraphic Transfers (TTs).
In an official statement, the nation's premier bank firmly denied the claims, asserting its continued commitment to facilitating foreign currency transactions within established frameworks.
The bank clarified that it is continuously selling dollars to businesses for TTs, operating strictly within the pre-set limits allocated to each customer. BML confirmed that every business that applied for a TT this month received dollar assistance, though it acknowledged that it may not always be able to fulfill the total amount requested due to the high volume of demand. The bank emphasised that it has maintained strong foreign exchange liquidity despite a significant recent surge in remittances abroad, a trend it attributes to the ongoing unrest in the Middle East.
To underscore the scale of the transactions, BML released figures which show that during the first quarter of this year, the bank sold a record USD 106.2 million for remittances, averaging USD 35.4 million per month. This represents a staggering 142 percent increase compared to the average monthly sales of USD 14.6 million in 2025. So far in April alone, the bank has processed over 6,800 TTs, with a single day—Sunday—seeing more than USD 900,000 facilitated for 327 separate transactions.
In its statement, BML stressed that as a financial institution, it is the sole source of accurate information regarding its customer transactions. It expressed regret over what it called the irresponsible dissemination of unverified information, which it warns creates unnecessary unease among its valued customers and the wider society.
The bank reiterated its dedication to supporting businesses and individuals, particularly during this sensitive period, by continuously providing US dollars for critical imports like food and other essential purposes.