Bank of Maldives (BML) has denied rumors claiming that the bank has been suspended from SWIFT, the international payment messaging network.

Speaking at a ceremony tonight to lay the foundation stone for 364 flats being developed by BML in Hulhumalé Phase 1, the bank's CEO and Managing Director, Mohamed Shareef, stated that while BML is achieving significant progress and successfully executing various projects, false information is being spread to mislead the public and customers, potentially harming both the bank and the national economy.

Shareef addressed specific rumors circulating today which alleged that SWIFT had suspended BML, thereby preventing cross-border payments such as Telegraphic Transfers (TTs). He also noted reports claiming that the bank’s Nostro accounts were depleted of funds.

"Regarding this, I wish to state that these are completely baseless and false rumors. SWIFT has not suspended the bank; BML maintains the necessary levels of foreign currency liquidity, and our Nostro accounts hold foreign currency within the required limits. The bank continues to provide all cross-border payment services, including card services and TTs. If there were no funds in the Nostro accounts, the bank would be unable to provide any international payment services," Shareef clarified.

He further emphasized that as BML continues to offer all international payment services during such a sensitive global period, the dissemination of such misinformation aims to create a negative perception among the public, customers, and partners, ultimately intending to damage the Maldivian banking system and the economy.

Shareef urged customers to remain vigilant against such scams and misinformation spread by anonymous sources that are not based on verified facts. He reminded the public that authentic information regarding BML would only be released directly by the bank or the Maldives Monetary Authority (MMA).