BML: No connection between BML and repayment of $50 million T-bill due to SBI

Bank of Maldives (BML) has refuted allegations that it provided the liquidity or foreign currency required to settle the remaining $50 million of a $150 million Treasury Bill (T-bill) facility taken by the Maldivian government from the State Bank of India (SBI). The bank further dismissed claims that its financial stability has been compromised as a result of such a transaction.

In a press release issued Saturday, Bank of Maldives (BML) clarified that the reports circulating regarding this matter are entirely false and baseless. The bank further emphasized that the government's debt settlement has no bearing on BML’s financial standing or its banking operations.

The Ministry of Finance and Public Enterprises has officially confirmed that the final $50 million payment made to the State Bank of India (SBI) on September 17, 2026, was settled using funds from the Sovereign Development Fund (SDF). This payment marks the full settlement of a $150 million T-bill facility originally taken by the government in 2019, following two previous repayment installments. Bank of Maldives (BML) has clarified that no customer deposits or any of the bank's own internal resources were utilized to facilitate this repayment.

Bank of Maldives (BML) highlighted that it remains a financially resilient institution, operating within defined risk appetites and regulatory standards, supported by a robust governance and risk management framework.

In a statement, the bank confirmed that its management and board are continuously monitoring its liquidity, capital, and financial position. It further clarified that the government’s T-bill repayment to the State Bank of India (SBI) was an independent transaction. Consequently, this has had no impact on the bank’s financial resources, and the institution provided full assurance that there are no obstacles to fulfilling its obligations to customers.

Bank of Maldives (BML) has stated that it recognizes the importance of public inquiry and debate regarding the nation's financial system. However, the bank emphasized that discussions concerning a financial institution's stability directly impact customer confidence, shareholder interests, and the overall stability of the financial sector; therefore, such discourse must be based on verified facts.

The Bank stated that the repeated dissemination of misinformation has created unease among customers, businesses, and investors. It further warned that such actions could lead to a loss of confidence in the institution, the broader banking sector, and the Maldivian economy as a whole.

Bank of Maldives (BML) has therefore urged all parties, particularly politicians and media outlets, to verify the accuracy of any information with the relevant state authorities before discussing or publishing reports concerning the bank’s financial standing or customer funds.

Bank of Maldives (BML) stated that protecting the interests of its customers and shareholders remains its highest priority. The bank further noted that it reserves the legal right to take action against those who disseminate false information intended to defame the institution or cause it harm.

In a press statement, Bank of Maldives (BML) reaffirmed its commitment to maintaining transparency by providing accurate information to its customers and the public. The bank further assured that it remains a financially robust and well-governed institution, dedicated to safeguarding the interests of its customers and the Maldivian economy.

Bank of Maldives issued this statement following the government's settlement of the initial $50 million installment of the facility in January 2024. With the second installment paid on May 11 and the final payment completed on September 17, the total $150 million facility has now been fully repaid.

According to reports, the recent $50 million payment to the State Bank of India (SBI) was made out of necessity after India declined to further extend the debt repayment deadline.