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BML Spokesperson Fires Back at Forex Claims, Says No Black Market Involvement
Bank of Maldives spokesperson Mohamed Saeed dismissed on social media claims that the bank sourced foreign currency through illegal or informal black market channels, saying BML operates under strict regulatory oversight and complies with Maldives Monetary Authority frameworks. BML released first-quarter results showing it sold USD 226 million to businesses and individuals, including USD 106.2 million for food, essential goods and business imports, and said the figures counter claims that its foreign currency reserves are under strain.
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USD 226 millionForeign currency sold to businesses and individuals in the quarterThe StandardBML reported selling USD 226 million to businesses and individuals during the quarter, including USD 106.2 million allocated for the import of food, essential goods, and business requirements.
Word for word from the report in The Standard. Open the report
USD 106.2 millionForeign currency allocated for import of food, essential goods and business requirementsThe StandardBML reported selling USD 226 million to businesses and individuals during the quarter, including USD 106.2 million allocated for the import of food, essential goods, and business requirements.
Word for word from the report in The Standard. Open the report
142 percentIncrease compared with last year's monthly averageThe StandardThis represents a 142 percent increase compared to last year's monthly average.
Word for word from the report in The Standard. Open the report
more than USD 25 millionForeign currency provided for essential imports in first 15 days of AprilThe StandardThe bank also noted that more than USD 25 million was provided for essential imports within the first 15 days of April alone, double the amount recorded during the same period in 2025.
Word for word from the report in The Standard. Open the report
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BML released its first-quarter financial results alongside the spokesperson's statement denying black market foreign currency claims.The StandardThe statement comes alongside the bank’s first-quarter financial results, which highlight a significant increase in foreign currency support to the economy.
Word for word from the report in The Standard. Open the report