The Bank of Maldives (BML) has rejected rumors that it is purchasing foreign currency from black market dealers, calling the claims “completely false and baseless.”

BML spokesperson Mohamed Saeed stated that the bank strictly follows the policies and reporting standards set by the Maldives Monetary Authority (MMA). He emphasized that BML operates transparently as the country’s largest financial institution.

Providing figures to counter the rumors, Saeed said the bank sold USD 226 million to businesses and individuals in the first quarter of the year, including USD 106.2 million for food and essential imports. This marks a 142% increase compared to last year’s average. In the first 15 days of April alone, BML issued over USD 25 million—more than double the amount during the same period last year.

Saeed noted that these figures disprove claims that the bank’s dollar reserves are depleted. He added that BML remains in a strong financial position, with solid capital adequacy, and will continue supporting the Maldivian economy with transparency and reliability.