The CEO of Bank of Maldives (BML), Karl Stumke, has resigned.

The country’s national bank released a statement on Monday, noting that their CEO and MD Stumke tendered his resignation on 8 September 2024.

However, BML did not disclosed the reason for Stumke’s resignation.

According to the bank, although Stumke has resigned, he will remain in the position of CEO until the Annual General Meeting (AGM) of the bank slated for September 21.

Further, BML stated that the responsibilities of the CEO will now be taken over by Deputy CEO Aishath Noordeen, who resigned from BML's board on the 24th of last month.

Stumke's resignation comes at a time President Dr. Mohamed Muizzu and senior government officials have slapped the bank with accusations of attempting a financial coup, after announcing its decision to halt foreign transactions on cards linked to Maldivian Rufiyaa accounts.

The Maldives Police Service (MPS) recently launched an investigation into the alleged attempt to topple the government, following a sudden decision by BML to halt foreign transactions.

The police institution said that there have been reports linking allegations that bot accounts were used to rouse the public to take to the streets to topple the government, to an attempt to illegally overthrow the government.

Ruling People’s National Congress (PNC) scheduled a gathering after sundown on August 26, where President Dr. Mohamed Muizzu and Minister of Fisheries and Ocean Resources Ahmed Shiyam publicly shed the spotlight on the “attempted coup” allegations.

Within 10 minutes of Shiyam’s public statement linking BML’s decision to an attempt to overthrow the government, the police institution released a statement confirming that they had begun an investigation into the attempted coup.

MPS revealed that the announcement made by the country’s national bank for which a majority of shares are held by the government, came as a shock to the public and coincided with a press conference held by some politicians revolving around the incumbent administration’s financial situation.

In an earlier press conference, the government announced that BML’s decision was made against the discussions held regarding the matter.

After churning public chaos with its decision to suspend foreign transactions through debit cards, BML took a U-turn on the decision mere hours later.

In a publication on August 25, the country’s national bank confirmed that the changes to card limits for foreign transactions announced earlier that day were reversed based on instructions from their regulator, the central bank, Maldives Monetary Authority (MMA).

BML revealed that the changes were initially brought in response to the increasing use of foreign currency on cards and the static scale of foreign currency to BML.

Fisheries Minister Shiyam has called for Stumke’s resignation as well.