BML CEO: Measures will be taken to address USD liquidity issue

Bank of Maldives (BML) will work to resolve the issue of US dollar liquidity by ensuring the availability of US dollars for important purposes. 

Speaking in the virtually held annual general meeting of the bank, BML CEO Tim Sawyer said that the negative impact experienced in the tourism sector had affected the US dollar liquidity of the nation and that the bank will be working to maintain the liquidity despite the difficulties faced in doing so. 

Based on the current supply, sectors to be prioritized for the supply of the currency will be made so. Tim said that import businesses and important TTs will be prioritized in this manner. 

He added that the bank will be working to assist the nation and its citizens during this difficult time. TIM acknowledged that despite the success experienced in 2019, the unforeseen pandemic would pose a number of challenges and difficulties for the bank this year. 

He noted that under the COVID-19 schemes, BML had issued MVR 600 million in loans and that a facility of EUR 20 million had been arranged through the Finance Ministry from the European Investment Bank. BML will also be issuing USD 50 million as loans for small and medium-sized businesses. 

Tim said that the bank was exploring ways to keep operating and assist its customers despite even though the pandemic status was set to last for quite some time.