The Bank of Maldives (BML) has dismissed its Deputy Chief Executive Officer, Aishath Noordeen, from the bank's board of directors.

According to sources, Aishath, who has served the bank for 42 years, received notification of her removal  in a letter from the Privatization and Corporatization Board (PCB) on Thursday, PCB is the body responsible for overseeing government-owned companies.

A significant point of note is that, under BML's charter, the removal of board members requires a general meeting of shareholders.

Earlier this year, in January, BML attempted to remove five directors from its board but later reversed the decision.

The directors were ultimately dismissed at a shareholders' general meeting, adhering to the mandatory procedures for a public company like BML.

In a separate decision, the BML board is set to implement a policy to block all US dollar transactions from cash cards linked to accounts with Maldivian Rufiyaa as the primary currency.

This move marks a significant shift in the bank’s handling of foreign currency transactions.