Bank of Maldives (BML)'s CEO and Managing Director, Tim Sawyer, has said the dollar position may become unsustainable in the long-term.

Tim made the remarks while speaking at BML's 39th Annual General Meeting (AGM) on Sunday.

During the AGM, Time spoke about the current economic recession across the globe, stating that the international economic position is dire right now.

"Serious global recession is looming and rapid inflation on food stocks will have consequences on Maldives," Tim said.

Adding that one of his regrets is continued customer frustration over dollar restrictions, Tim said that "each month BML uses up a massive near 20 million dollars from its own reserves, for TT’s Overseas credit card facilities, and locals living and studying abroad. This in the median terms is not a sustainable position for the company. "

He added that since the US federal reserve took a broad array of actions, close to 20 trillion dollars have been removed from the dollar market, and that it will continue to happen.

He advised caution in financial sector, quoting from the popular TV series 'Game of Thrones', saying "Winter maybe coming to Maldives".

Finance Minister Ibrahim Ameer has stated previously that Maldives is at no immediate financial risk and that the country has sufficient funds to make loan repayments.