Mohamed Nasheed(@MohamedNasheed):What BML is trying to do is commendable. There is an acute shortage of foreign currency because the government has failed to restructure debt or reduce USD spending. BML needs foreign currency to meet customer demand. So BML is working to buy USD from the parallel market, as the government will also not float the MVR. In short: 1. The government has no plan for debt restructuring. 2. The government cannot reduce USD spending, and 3. The government will not float the MVR. So, to keep the bank solvent, BML needs to acquire foreign currency.

Mohamed Nasheed

@MohamedNasheed

Maldives' 1st democratically-elected President, Amnesty Prisoner Conscience, UN’s Champion of Earth, Newsweek’s 10 Best Leaders, CVF’s Secretary-General

Joined April 2012

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Mohamed Nasheed@MohamedNasheed

2026.07.02 15:36

What BML is trying to do is commendable. There is an acute shortage of foreign currency because the government has failed to restructure debt or reduce USD spending. BML needs foreign currency to meet customer demand. So BML is working to buy USD from the parallel market, as the government will also not float the MVR. In short: 1. The government has no plan for debt restructuring. 2. The government cannot reduce USD spending, and 3. The government will not float the MVR. So, to keep the bank solvent, BML needs to acquire foreign currency.

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