Company
Bank of Maldives
In the news, last 90 days
Health
Tiny Hearts concludes heart health initiative
Tiny Hearts of Maldives has completed Heart Healthy Raajje, a national initiative producing 10 freely accessible exercise videos promoting physical activity and heart-healthy lifestyles, supported by Bank of Maldives through its Bank Fund. The videos, developed using the Maldives Physical Activity Guidelines (2022), target babies, children, pregnant women, adults and older people and are available on the organisation's website, a dedicated Instagram page and as downloads.
Economy
BML seeks builders for Hulhumale' head office project
Bank of Maldives has opened an expression of interest process for the design, construction and financing of a new 14-storey headquarters in Hulhumale' Phase I, with parking, retail, a rooftop solar farm and a 60-metre maximum height. Expressions of interest are due by 4:00 pm on November 30, after which shortlisted applicants will be invited into a request for proposals process.
Infrastructure
BML begins foundation concreting for 182 affordable housing units...
BML Affordable Home Leasing has commenced foundation concreting for 182 of 364 housing units being developed in Hulhumalé Phase I under the government's affordable housing programme, with AMIN Construction as contractor. BML expects construction of the units to be completed by mid-2028.
Economy
BML launches year-end American Express card promotion with prize draw
Bank of Maldives (BML) has launched a year-end American Express card promotion running from 5 November to 31 December 2026, under which eligible debit and credit cardholders can enter a weekly prize draw by spending at least MVR 1,000 per week. Four winners will receive prizes including a Hard Rock Cafe Maldives dinner, an Apple product collection, a stay at Villa Mia in Fulhadhoo with an excursion for five, and a two-night resort stay with a manta ray snorkelling experience.
Economy
Dollars released at official rate increased by 80%: Minister Saeed
In Parliament's sitting, the opposition MDP's no-confidence motion against Economic Minister Mohamed Saeed was taken up, with Saeed saying claims about the dollar rate are false and that dollars released at the official rate have risen 80%. He said USD 1.9 billion had been provided from 2024 to the present, compared with USD 1.75 million released during the last three years of the Solih administration, and highlighted a requirement to exchange 40% of dollar income.
Economy
Saeed defends rising costs of goods and services
Economic Minister Mohamed Saeed defended the government's economic management before Parliament, responding to a no-confidence motion by Kendhoo MP Mauroof Zakir. He cited increased foreign currency releases at the official rate, a higher resort dollar-exchange requirement, port expansion, and larger strategic food reserves to argue the administration has improved the economy.
Economy · Press release
80% Increase in US Dollars Disbursed Under President Muizzu’s Administration: Minister
Speaking during a no-confidence motion debate at the People's Majlis, a Minister highlighted government economic achievements, saying US dollar disbursements by the Bank of Maldives rose 80% under President Muizzu's administration and that USD 90.07 million has been received through international banking services to date. The Minister also outlined market price monitoring of 164 items, the expansion of essential commodities to 80 items, and a target to bring Thilafushi International Port into full operation by November 2027.
Economy
Minister Saeed backs SDFC’s shift to BML, cites sustainable SME...
Minister of Economic Development, Transport and Trade Mohamed Saeed has defended the transfer of the SME Development Finance Corporation to Bank of Maldives, telling Parliament the move frees the institution from reliance on State budget allocations. He said the restructuring, which rebrands the company as SME Digital and places it under BML, aims to sustain financing for micro, small and medium-sized enterprises through digitalisation and stronger corporate management.
Justice
Permission granted once again to sell Reeko Moosa's 3 islands
The Civil Court has again granted Bank of Maldives permission to sell three islands owned by Heavy Load company, former Deputy Speaker Reeko Moosa Manik and his children over an unpaid USD 11 million loan, after an earlier ruling was overturned by the High Court. The court order sets declining starting prices of USD 46 million, USD 40 million and USD 38 million across three months.
Economy
Government to provide guarantee for BML sukuk
The government has decided to provide a sovereign guarantee for a $300 million sukuk that Bank of Maldives (BML) is seeking to issue to foreign investors, revising its guaranteed debt target from 10 percent to below 15 percent of GDP. Proceeds are planned for resort development in the northern Maldives, while Finance Ministry data shows guaranteed debt at MVR 19.1 billion, or 15.4 percent of GDP, as of June.
Justice
Civil Court authorises sale of mortgaged islands over Moosa...
The Civil Court has authorised Bank of Maldives to sell three mortgaged islands in Laamu Atoll and their head lease rights after Heavy Load Maldives Private Limited failed to pay an amount ordered under a July 2020 judgment linked to a USD 29 million loan involving former Deputy Speaker Moosa Manik. Judge Rizmeena Idrees granted the bank three months to sell the assets at prices that decline each month.
Economy
MSD urges shareholders to convert paper certificates to digital shares
The Maldives Securities Depository has urged the roughly 37,770 shareholders still holding paper share certificates to convert them into electronic shares via its Infinity.mv platform. MSD CEO Noorban Fahmy said the move would modernise the capital market and protect investors' shares, while noting that registration alone does not convert certificates and that dematerialisation is a separate process.
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