Bank of Maldives Refutes Claims Linking Financial Position to Govt’s USD 50 Million SBI Debt Repayment

The Bank of Maldives (BML) has strongly rejected recent claims suggesting that the institution funded or provided US Dollar liquidity for the government’s final USD 50 million repayment under the USD 150 million Treasury Bill facility with the State Bank of India (SBI).

In a definitive statement, BML clarified that the transaction had no connection to the bank's financial position or its daily banking operations. The bank emphasised that the repayment did not draw upon customer deposits, BML’s own resources, or any other bank funds.

The clarification follows the completion of the government's USD 150 million T-Bill facility, which was originally secured in 2019. The final installment of USD 50 million was settled on 17 September, following two prior USD 50 million repayments. The Ministry of Finance and Public Enterprises has publicly confirmed that the final installment was financed entirely through the Sovereign Development Fund (SDF).

Reassuring its stakeholders, BML stated that it continues to maintain a robust financial standing, operating strictly within established risk appetites, regulatory standards, and rigorous governance frameworks. The bank's liquidity and capital positions are continuously monitored through stringent oversight processes, ensuring that its ability to meet obligations to customers remains entirely unaffected.

Addressing the circulation of the incorrect claims, BML stressed the vital importance of public scrutiny being rooted in verified facts. The bank warned that repeated dissemination of misleading information risks creating unwarranted panic among customers, businesses, and investors, while potentially undermining confidence in the broader Maldivian economy.

BML has a responsibility to protect the interests of its customers, shareholders, and other stakeholders, as well as the integrity and reputation of the Bank, the bank said.

The bank urged all stakeholders—including public officials, political representatives, and media organisations—to verify information with relevant institutions before publishing claims regarding BML's financial health or transactions. Additionally, BML warned that it reserves the right to pursue appropriate legal action against individuals or entities responsible for publishing false, misleading, or defamatory information that poses a threat to the bank, its customers, or the stability of the wider financial system.

Reiterating its dedication to transparency, BML concluded by assuring the public that it remains financially sound, well-governed, and steadfast in its commitment to safeguarding the interests of the Maldivian banking sector.