Bank of Maldives (BML) is selling an average of USD 2.7 million in foreign currency each day through card transactions, telegraphic transfers and other banking services, reflecting continued strong demand for US dollars across the Maldivian economy.
The figures were shared by BML Head of Brand and Marketing Strategy Mohamed Saeed during the Iqthisaadhuge Dhefarai panel discussion organised by the Ministry of Economic Development, Transport and Trade.
Speaking at the forum, Saeed said the bank remains focused on ensuring businesses and individuals have access to foreign currency despite ongoing global economic uncertainties. He noted that external factors, including the Russia-Ukraine war and continuing conflicts in the Middle East, have continued to place pressure on the Maldivian economy and foreign exchange market.
According to BML, the bank has sold USD 570 million at the official exchange rate so far this year. In addition, it has provided a further USD 270 million through financing facilities, while extending MVR 9 billion in loans to businesses and the wider economy during the first seven months of 2026.
The bank also reported strong growth in foreign currency transactions during the first half of the year.
Between January and June, BML facilitated USD 478 million in foreign currency through various services. This included USD 166 million in telegraphic transfers across 311,722 transactions, representing a 20 percent increase from the 261,168 transactions recorded during the same period last year.
Foreign card spending also continued to rise, reaching USD 226 million during the first six months of the year, up 29 percent from USD 175 million over the corresponding period in 2025.
Demand for physical US dollars has also grown significantly. BML said customers are now withdrawing around USD 1.2 million in cash every day through the bank’s nationwide network of 86 US dollar-enabled ATMs.
During the first six months alone, total dollar withdrawals through the ATM network reached USD 188 million.
Saeed noted that daily withdrawals had previously averaged around USD 600,000, with most transactions taking place in the Greater Malé Region. He said the figure has doubled following the expansion of US dollar ATM services to the atolls, making foreign currency more readily available to customers outside the capital.
As the country’s largest commercial bank, BML plays a central role in the Maldives’ foreign exchange market. The bank has continued to expand access to foreign currency through ATMs, card services, telegraphic transfers and financing facilities as demand remains high, particularly from businesses importing goods and Maldivians travelling overseas.
