The Bank of Maldives (BML) has reported a significant increase in the amount of US dollars made available to customers, with the bank selling an average of USD 74 million per month during the first four months of 2026 to meet a wide range of personal and business needs. According to the bank, this marks an increase of USD 27 million per month compared to the corresponding period in 2025, reflecting a notable expansion in foreign currency access at a time when demand for international payments, travel, education and medical-related transactions continues to remain high across the Maldives.
The figures were shared as BML outlined its current foreign currency operations and recent policy adjustments, highlighting its efforts to maintain support for essential customer needs while strengthening the way US dollars are allocated across the market. Speaking on PSM News’ “Raajje Miadhu” programme, BML CEO and Managing Director Mohamed Shareef said the bank is carefully managing its dollar inflows to ensure that critical requirements can continue to be served in a structured and responsible manner. He also rejected claims that the bank is facing a shortage of dollar liquidity, stating that such assertions do not reflect the bank’s actual financial position.
Shareef explained that there is an important distinction between the amount of dollars customers are able to purchase at any given time and the bank’s underlying dollar liquidity. He noted that BML remains the largest financial institution in the Maldivian banking sector, holding more than half of all deposits in the country and accounting for the largest share of loans issued nationwide. This position, he said, reflects the bank’s central role in supporting households, businesses and key sectors of the economy, particularly tourism, which remains one of the Maldives’ most important generators of foreign currency earnings.
Providing further insight into the scale of its operations, Shareef said BML facilitated the inflow of USD 3.7 billion into the Maldives in 2025, averaging approximately USD 10 million per day. During the same year, the bank also facilitated USD 3.3 billion in outward transfers, underlining the substantial volume of foreign exchange transactions handled through the institution. He stated that around 46 percent of all deposits held by the bank are denominated in US dollars, while between 45 percent and 50 percent of its overall loan portfolio consists of dollar-denominated loans. Shareef also noted that the bank currently has no external borrowings and that its loan-to-deposit ratio stands at around 68 percent, indicating that the bank’s lending operations are primarily supported by customer deposits. He said that the dollar deposits held at BML are largely invested through loans extended to customers, with a significant portion flowing into the tourism sector, further illustrating the bank’s contribution to sustaining productive economic activity.
BML’s Head of Brand and Marketing Strategy, Mohamed Saeed, also provided details on the bank’s recent foreign currency distribution performance, saying that customer access to dollars has increased meaningfully this year. He said that during the first four months of 2025, BML issued an average of USD 47 million per month through cards and telegraphic transfers, whereas during the same period in 2026 that amount rose to USD 74 million per month. Saeed said this demonstrates that the bank is increasing the volume of dollars being sold and extending access to a larger number of customers across different segments.
The bank’s current foreign currency support framework includes a USD 1,000 allowance for overseas point-of-sale transactions made using Maldivian rufiyaa debit cards, helping customers meet spending needs while travelling abroad. In addition, customers in the Maldives are able to access up to USD 3,000 through rufiyaa debit cards for specific purchases such as airline tickets, medical expenses and accommodation bookings. These measures continue to provide an important layer of support for families, travellers and patients who require access to foreign currency for essential international payments.
BML has also continued to strengthen support for Maldivian students pursuing education overseas. Since late 2024, the bank has provided a monthly limit of USD 1,200 to students through dedicated student cards. Under the latest policy changes, students under the age of 18 who are studying abroad and currently using a guardian’s card will now also be issued individual student cards carrying the same USD 1,200 monthly limit. The development is expected to improve convenience, expand access and provide greater financial independence for students and their families as they manage educational expenses abroad.
The latest figures and policy updates reflect BML’s continuing efforts to balance foreign currency demand with long-term financial stability while prioritising the needs of customers and the wider economy. As the Maldives continues to rely on strong banking support for trade, travel, education, healthcare and tourism-driven economic activity, the bank’s increased monthly dollar sales signal a more responsive and strengthened approach to ensuring foreign currency access for the people and businesses that depend on it.
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