Bank of Maldives (BML)’s CEO and Managing Director, Tim Sawyer, has said the dollar reserves may become unsustainable in the long-term. He made the remarks while speaking at BML’s 39th Annual General Meeting (AGM) on Sunday.
During the AGM, Time spoke about the current economic recession across the globe, stating that the international economic position is dire right now and a global recession is a looming threat which will have great consequences to Maldives.
He also said that one of his regrets is continued customer frustration over dollar restrictions. BML uses up a almost US$ 20 million from its own reserves, for TT’s Overseas credit card facilities, and locals living and studying abroad which is not sustainable in long-term, according to Tim.
He advised caution in the financial sector, quoting from the popular TV series ‘Game of Thrones’, saying “Winter maybe coming to Maldives”.
Finance Minister Ibrahim Ameer has downplayed the immediate financial risk and he assured that the country has sufficient funds to make loan repayments in response to concerns that the country’s debt is at risk of defaulting.
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