Solih Urges Protection of Trust in BML
Former President Ibrahim Mohamed Solih has stressed that even the government should avoid actions that could erode public trust in the Bank of Maldives (BML).
In a post on X this morning, Solih highlighted the critical role BML plays in the daily lives of citizens and businesses, asserting that confidence in the national bank is vital.
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His remarks come as BML prepares to hold an Extraordinary General Meeting (EGM) on 21 September, following instructions from the Finance Ministry.
The government has put forward three nominees for the bank’s board: Ahmed Ali Habeeb, Ali Irufan, and Mohamed Shahid. Habeeb, currently the cabinet secretary at the President’s Office, is reportedly in consideration for the chairperson role, though official confirmation is yet to be given.
The EGM was scheduled after BML faced public criticism and government discontent on 25 August, when it suspended foreign transactions on Maldivian rufiyaa (MVR) cards due to a severe US dollar shortage. The decision affected both existing debit cards and the issuance of new debit and credit cards tied to MVR accounts.
Additionally, the bank lowered the monthly limit for standard and gold credit cards to USD 100. However, the bank swiftly reversed this decision, citing directives from the central bank, Maldives Monetary Authority (MMA).
The controversy has since led to allegations from the government, including President Dr Mohamed Muizzu, accusing the opposition of being behind the move as part of a “financial coup.” The incident has sparked a criminal investigation by the police, launched on 26 August, who cited potential efforts by the opposition to destabilise the administration by inciting fear of a financial crisis.
The MDP has strongly denied these allegations, calling them “absurd,” and demanded the resignation of Police Commissioner Ali Shujau to restore the police force’s credibility.
Amid the ongoing investigation, BML CEO Karl Stumke resigned on 8 September, further adding to the bank’s current challenges.
