Karl Stumke, Managing Director and CEO of the Bank of Maldives (BML), has stepped down amid accusations that the bank’s recent decisions were linked to an attempted coup against the government. Stumke’s resignation was announced in a statement posted on the BML website on Sunday, with the bank confirming that he will continue to serve as CEO until a special annual general meeting on 21 September. During this period, BML’s Deputy CEO will manage the day-to-day operations, the bank said.
Stumke’s resignation comes during a time of heightened political tension in the Maldives, with senior government officials accusing the opposition Maldivian Democratic Party (MDP) of using BML’s recent decision to suspend foreign transaction allowances on Maldivian Rufiyaa (MVR)-linked debit and credit cards to destabilise the government. The Maldives Police Service (MPS) launched an investigation into what it described as an attempted coup d’état, coinciding with BML’s policy announcement.
The bank’s decision, which was quickly reversed after pressure from the Maldives Monetary Authority (MMA), caused public uproar and was followed by calls for Stumke’s resignation from key administration figures. Fisheries Minister Ahmed Shiyam, a close aide to President Mohamed Muizzu, was among those demanding accountability, accusing BML of being involved in a plot orchestrated by the opposition. According to some senior government officials, the timing of BML’s policy shift and an MDP press conference on the government’s financial situation fuelled suspicions of coordination between the bank and the opposition.
BML’s Board of Directors has already initiated the process of selecting a new CEO, according to the bank’s statement. Stumke’s departure marks a significant development in an ongoing saga that has intensified political tensions across the nation. Meanwhile, opposition leaders have dismissed the allegations as a diversionary tactic intended to shift attention from the country’s broader economic challenges.