Former President Solih Urges Government to Protect Public Trust in Bank of Maldives

Former President Ibrahim Mohamed Solih has urged the government to ensure that public trust in the Bank of Maldives (BML) is not compromised. In a statement posted on X, Solih emphasized the critical role the bank plays in the livelihoods of many Maldivians, stating that maintaining public confidence in BML is essential for societal stability.

"Even the government should not do anything that may compromise trust in BML. If trust in the bank is lost, that is a huge loss to society at large," Solih said, stressing the need for careful oversight of the institution.

His comments come in the wake of recent controversies surrounding the bank, which last month announced a plan to disallow foreign transactions on cards linked to Maldivian Rufiyaa accounts. The decision, which was quickly revoked, raised public concerns and was followed by allegations from President Dr. Mohamed Muizzu that the move was an attempt at a financial coup. The police are currently investigating these claims, though no suspects have been identified.

The turmoil at the bank has led to the resignation of BML's CEO, Karl Stumke, whose final day in office is scheduled for Saturday. In light of this, the government has nominated Ahmed Ali Habeeb, the Cabinet Secretary at the President's Office, for appointment as Chairperson of BML through the Privatization and Corporatization Board.

Solih’s call for caution highlights the broader implications of the situation for both businesses and individuals who rely on the stability and trustworthiness of the nation’s largest bank.

Resort in Maldives

Crossroads Maldives JOALI BEING Siyam World Maldives Kuramathi Maldives OZEN RESERVE Bolifushi Raffles Maldives Meradhoo Emerald Faarufushi Resort & Spa Seaside Finolhu Baa Atoll Maldives Kurumba Maldives Milaidhoo Maldives Soneva Fushi Atmosphere Kanifushi Maldives Meeru Maldives Resort Island Sun Siyam Iru Veli Maldives Noku Maldives Sun Siyam Vilu Reef Maldives Banyan Tree Vabbinfaru Baglioni Maldives Dusit Thani Maldives Jawakara Islands Maldives Ayada Maldives Kandima Maldives OBLU NATURE Helengeli OBLU XPERIENCE Ailafushi Coco Bodu Hithi Coco Palm Dhuni Kolhu Maldives OUTRIGGER Maldives Maafushivaru OZEN LIFE Maadhoo Park Hyatt Maldives Hadahaa The Nautilus Maldives Alila Kothaifaru Maldives RAAYA by Atmosphere Taj Exotica Resort & Spa Maldives Ananea Madivaru Maldives Emerald Maldives Resort & Spa Grand Park Kodhipparu Maldives JA Manafaru Maldives Kuredhivaru Resort and Spa OBLU SELECT Sangeli Brennia Kottefaru ROBINSON Maldives Six Senses Laamu Soneva Jani dusitD2 Feydhoo Maldives NOOE Maldives Kunaavashi Oaga Art Resort Sandies Bathala Maldives Soneva Secret Sun Siyam Olhuveli Sun Siyam Olhuveli Maldives The Residence Maldives Dhigurah JOALI Maldives Sheraton Maldives Full Moon Resort & Spa Taj Coral Reef Resort & Spa Anantara Kihavah Maldives Villas Fiyavalhu Resort Maldives Gili Lankanfushi Maldives Nova Maldives Sun Siyam Iru Fushi Maldives VARU by Atmosphere Holiday Inn Resort Kandooma Maldives Kandolhu Maldives Niyama Private Islands Maldives SO/ Maldives Club Med Kanifinolhu Cocoon Maldives JW Marriott Maldives Resort & Spa Sirru Fen Fushi Private Lagoon Resort Six Senses Kanuhura The Residence Maldives Falhumaafushi Centara Grand Lagoon Maldives Constance Moofushi Maldives Pulse Hotels & Resorts Radisson Blu Resort Maldives Atmosphere Core Atmosphere Kani Fushi Maldives Coconut Palm Conservation Constant Halaveli Maldives Four Seasons Resort Maldives at Kuda Huraa Hideaway Beach Resort & Spa Kaani Hotels Kandima Resort LUX* South Ari Atoll Le Meridien Maldives Resort and Spa Lily Beach Resort & Spa Mercure Maldives Kooddoo Resort Taj Exotica careers