Thursday 26 Feb 2026
(From L-R) BML's CEO and Managing Director Mohamed Shareef, President Dr. Mohamed Muizzu, and BML's Chairperson Ahmed Ali Habeeb. (Photo/President's Office)
The Bank of Maldives (BML)’s investment in treasury bills and bonds issued by the government rose to MVR 16.5 billion last year, according to its 2025 annual report.
T-bills and T-bonds are short to long-term debt securities issued by the government to manage its finances. These financial instruments are usually invested in by banks, the pension fund, and state-owned enterprises.
The 2025 annual report released by the national bank on Thursday shows its investment in T-bills and T-bonds over the last two years.
2024:
2025:
The figures show the government owed the BML total MVR 13.3 billion in repayment for T-bills and T-bonds in 2024, and that this figure rose to MVR 16.5 billion in 2025.
The increase in BML’s investment in T-bills and T-bonds come amid concern regarding such investments, especially that by the pension fund, with experts arguing that open market financing would earn contributors a higher return than investing in treasury bills and bonds.
It also comes amid serious scrutiny of a proposal the Finance Ministry made to Maldives Pension Administration Office (MPAO) Ministry to sell in the secondary market MVR 2.4 billion in treasury bonds invested in by the Maldives Retirement Pension Scheme and then invest in an MVR 2.4 billion treasury bond with dual currency – MVR and USD – returns.
The proposal prompted economic experts to warn it would have the same implications on the Maldivian economy as money printing.
The proposal prompted the resignation of multiple senior figures within the MPAO, including chairperson Dr. Ahmed Inaz, CEO Sujatha Haleem, board member Ahmed Saruvash Adam, and CFO Hawwa Fajwa.
But despite the warnings, the MPAO’s board approved the proposal in early February.
