Bank of Maldives (BML) Chief Executive Officer and Managing Director Mohamed Shareef has warned that spreading unverified claims about the bank’s foreign currency liquidity could negatively affect public confidence and cause wider economic harm.

Speaking at the opening ceremony of the Youth Entrepreneurs Expo, Shareef highlighted BML’s important role within the Maldivian financial system and said inaccurate information about the bank could undermine trust and discourage economic activity.

Recent claims surrounding the bank have included allegations that BML does not have enough US Dollars to meet customer demand, that expanding ATM services across the atolls is unnecessary, and that the bank should not engage in housing-related projects.

Responding to these concerns, Shareef highlighted the bank’s foreign exchange activities, noting that BML’s average monthly Dollar sales have increased significantly in recent years.

He said the bank sold around USD 21 million per month in 2021 through card transactions, business transfers, and cash services for travelers, while the figure has now risen to approximately USD 80 million per month.

Shareef said the current level of dollar sales represents the highest average monthly amount in the bank’s history, with demand exceeding the amount of foreign currency the bank is able to purchase from the market.

He also addressed criticism regarding the expansion of ATMs and branches in island communities, stating that the services were introduced in response to continued demand from residents outside Malé.

The BML chief further highlighted the bank’s contribution to economic development through financing initiatives.

He revealed that BML provided USD 648.5 million in loans during the previous year and issued an additional USD 518.8 million in loans during the first six months of 2026.

The figures, he said, demonstrate the bank’s continued support for businesses, entrepreneurs, and housing development projects across the Maldives.