Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef has stated that the last six months have seen the highest Dollar sales in the history of the bank.
While speaking of and denying the rumors against BML regarding the difficulty in obtaining USD at the opening ceremony of the "Youth Entrepreneurs Expo" held at Barceló Nasandhura, he said the bank has sold USD at a record amount in the past six months.
He went on to say the bank has been selling USD 80 million monthly, with rumors being spread that the bank has no USD are far from the truth, as is shown by the statistics.
Shareef said the bank is not facing any USD shortages, and that when the bank does face any shortage, it is due to the selling price of USD being higher than the purchasing price.
"A bank will face shortages if the selling price of USD is higher than the purchasing price. And so, it is a responsibility of the bank to prioritize the essentials when it comes to balancing USD sales and purchases, and to responsibly keep an eye on the sale of USD being transferred out of the country," said Shareef.
Shareef went on to say that since 2020, BML has been selling USD at a much higher rate compared to the purchasing rate. While referring to the 2023 yearly report, he said as an additional USD 333 million had been sold, it was brought under control when took T-bonds worth the same amount and by selling it. He also said the bank has never provided USD to the government for any purpose.
Shareef said as BML is a bank that is linked to Maldives' economy, any negative speech that may foster a negative position about the bank may cause a great deal of damage to BML and the Maldivian economy. And so, Shareef requested the people do not make any statements about the bank that stray from the truth.
Shareef said BML is a bank that provides the most beneficial concessions within the banking industry to the public, and invests in matters that will make life more fulfilling. As an example, Shareef spoke about their process when looking to finance contractors for projects, about how the bank looks at companies that build the nation, companies that develop the country, provide business growth and job opportunities and companies that make lives easier.
Additionally, Shareef said their work in expanding their services across all parts of Maldives without pause is due to many people requesting an arrangement where their services can be easily made available at their own islands. He said establishing ATM's and opening branches at islands will provide banking services easily to customers.
During today's ceremony, BML opened branches at seven islands. They also introduced a new financing facility to build young entrepreneurs and introduced a service to their digital wallet Swipe where foreign currencies can be transferred in, in order to facilitate more opportunities for the youth.
