BML denies involvement in SBI debt repayment, says bank’s financial position remains strong

The Bank of Maldives (BML) has stated that it has no involvement in the government’s repayment of the remaining USD 50 million under the USD 150 million Treasury Bill (T-bill) facility taken from the State Bank of India (SBI).

BML said the government had provided liquidity, in cash or dollars, to settle the repayment, and that claims suggesting the bank’s financial position had been affected were unfounded. The bank stressed that the government’s debt repayment has no link to BML’s financial condition or its banking operations.

The Ministry of Finance and Public Enterprises has also confirmed that the final USD 50 million paid to SBI on 17 September 2024 was provided through the Sovereign Development Fund (SDF). The repayment was made without using customer deposits or any of BML’s own resources.

BML noted that the bank remains financially strong, operating within defined risk appetites, regulatory standards, and a robust governance and risk-management framework. The bank’s liquidity, capital and financial condition are continuously monitored by management and the Board, and BML assured that its obligations to customers will not be affected by the government’s transaction.

The bank warned that spreading untrue information about the financial system could create unrest among customers and investors and undermine confidence in the Maldivian economy. BML urged relevant authorities, particularly politicians and the media, to verify the accuracy of information before making public statements regarding the bank’s financial position.

BML added that it reserves the right to take legal action against those who spread defamatory or damaging false information, and said it will continue to safeguard the interests of its customers and shareholders through transparency.