Bank of Maldives (BML) Chief Executive Officer Mohamed Shareef has warned that the spread of false information about the bank could have serious consequences for the Maldivian economy.

Speaking at the opening of the Youth Entrepreneurs Expo 2026 on Tuesday, Shareef said misleading claims about BML had recently been circulated through news platforms and social media.

He dismissed allegations that the bank was facing a shortage of US dollars, was being managed unprofessionally, or was refusing to provide loans to contractors. Shareef said such claims were false and appeared intended to create the impression that the bank lacked foreign currency, thereby driving up US dollar prices on the black market.

Shareef noted that BML plays a vital role in the national economy and warned that spreading misinformation about the bank could undermine public confidence and cause significant economic harm.

He urged the public to refrain from sharing false information about the bank, regardless of the motive behind it.

During the event, BML also announced several new initiatives, including the opening of seven new branches across the Maldives, the launch of a dedicated financing facility for young entrepreneurs, and a new service through its digital wallet, Swipe, allowing users to receive money from overseas.