The Bank of Maldives (BML) has issued a stern warning that attempts to erode public confidence in the nation’s financial system could result in severe and irreversible consequences for the Maldivian economy.
Speaking at a panel discussion titled "Two Sides of the Economy," organised by the Ministry of Economic Development, Transport and Trade, BML’s Head of Brand and Marketing Strategy, Mohamed Saeed emphasised that the spread of misinformation regarding financial institutions—specifically BML—triggers public anxiety and jeopardises critical relationships with international banks.
He cautioned that the loss of even a single foreign banking partnership could create localised crises, making it significantly harder for Maldivians to send money abroad or for students and residents living overseas to utilise their bank cards.
Saeed provided a detailed breakdown of the bank’s operations to illustrate the current economic pressures and the bank’s role in mitigating them. According to bank statistics, demand for foreign currency has surged, while BML sold an average of USD 40 million per month to individuals and businesses in 2023, that figure has more than doubled to over USD 81 million per month so far in 2026. In the first half of this year alone, the bank facilitated the sale of USD 570 million, averaging USD 2.7 million daily.
He noted that BML continues to prioritise essential sectors, such as healthcare and education. While dollar allocations for students remain stable, the amount issued for medical travel has tripled, rising from USD 1 million per month last year to USD 3 million per month in 2026. Saeed also highlighted a massive spike in US dollar ATM withdrawals, noting that monthly figures reached USD 188 million last month, compared to previous daily averages of USD 1.6 million.
Further illustrating the shift in customer behaviour, Saeed revealed that the number of customers using MVR cards for international travel and online shopping has skyrocketed. Prior to the COVID-19 pandemic, around 90,000 customers utilised these services while today, that number fluctuates between 280,000 and 300,000.
"At present, the lowest number of customers using foreign transactions stands at 280,000 using MVR cards. We are currently catering to these numbers. However, there are challenges. God willing, through our ongoing efforts, we will overcome these difficulties and expand the limits,” he explained.
Saeed highlighted the intrinsic link between the bank and the national interest, noting a 0.96 correlation coefficient between BML’s financial strength and the Maldivian economy. He also revealed that out of MVR 8.9 billion (USD 577.2 million) in new loans issued during the first seven months of 2026, around USD 270 million was provided in US dollars, reinforcing the bank’s role as a cornerstone of national development.