Nasheed Claims BML Dollar Shortage Linked to Government Use of Reserves

Former President Mohamed Nasheed has alleged that ongoing issues with US dollar transactions on Bank of Maldives (BML) cards stem from the bank’s dollar reserves being handed over to the government.

Speaking at a rally last night, Nasheed claimed that foreign currency held by customers at BML had been used to settle state debt.

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“What happened was that the people’s money—the dollars in the bank—was given to the government to pay off state debt. Because of this, our cards no longer process dollar transactions,” he said, adding that the bank is now facing “significant difficulties.”

Nasheed further alleged that BML is seeking to secure a $300 million loan to address the shortfall created by the transfer of funds to the government.

“Their decision to work toward taking a $300 million loan is because our money in the bank was given to the government, and the government has used those funds to repay its own loans,” he said.

MV+ sought comment from Bank of Maldives (BML) but had not received a response at the time of publication.

In separate remarks made on social media platform X, however, the bank’s spokesperson, Mohamed Saeed, rejected claims of broad restrictions on dollar transactions. A spokesperson said customers can continue using USD account cards for online purchases, including on retail platforms such as Temu and Shein, without limits.

The bank clarified that restrictions apply only to transactions made using Maldivian Rufiyaa (MVR) cards, with limits placed on the amount of US dollars sold for such purchases. However, no other details were shared regarding the amount or cap of the limit placed on MVR accounts. 

ބޭންކުން ޓީމޫ، ޝީއިން ފަދަ ރީޓެއިލް ވިޔަފާރި ސައިޓްތަކުން ޑޮލަރު އެކައުންޓުން ކާޑު ބޭނުންކޮށްގެން ކަސްޓަމަރަކު ބޭނުންވާ އަދަދަކަށް ވިޔަފާރިކުރެވޭނެއެވެ. މިކަމަށް ބެންކުން ލިމިޓެއް ކަނޑައަޅާފައިނުވާނެއެވެ. ބޭންކުން ހަމައެކަނި އަޅާފައިވާ ފިޔަވަޅަކީ އެފަދަ ސައިޓްތަކުގައި ރުފިޔާ…— Mohamed Saeed (@BMLSpokesperson) May 5, 2026

Despite these assurances, the public has reported on social media that they are still unable to complete transactions on online retail sites.

Separately, BML has confirmed it is in discussions with international investors on a proposed Sukuk issuance of up to $300 million, as the Maldives faces ongoing constraints in US dollar liquidity.

Amidst the criticism, speaking to Bloomberg Business, BML’s Director of Financial Strategy and Planning, Abdulla Hassan, said the bank is engaging fund managers across Asia, the Middle East and Europe to assess demand for a dollar-denominated instrument. Bloomberg reported Hassan as saying that the issuance is being discussed with a potential sovereign guarantee, with Mashreq Bank assisting in arranging investor meetings.