Bank of Maldives (BML) has announced that it will increase its US dollar allocation for Telegraphic Transfers (TTs) over the next three weeks, following the Maldives Monetary Authority’s (MMA) decision to provide additional foreign currency to commercial banks during the period.
BML said on Wednesday that the increased allocation was determined after considering both the additional foreign currency made available by the MMA and the volume of TT requests submitted by customers. The measure is expected to support businesses and individuals requiring foreign currency for international payments and other legitimate overseas financial obligations.
The development comes as the Government and the country’s monetary authorities continue efforts to strengthen foreign currency availability within the official banking system and address demand in the domestic foreign exchange market. The temporary increase in foreign currency released by the MMA to commercial banks is intended to improve access to dollars through formal banking channels and enable banks to respond more effectively to customer requirements.
BML, the country’s largest bank, said it provided more than USD 186 million to customers for Telegraphic Transfers between January and the end of July 2026. This represented an average monthly TT allocation of approximately USD 27 million during the seven-month period.
According to the bank, its average monthly allocation for Telegraphic Transfers this year is approximately USD 12 million higher than the corresponding monthly average recorded last year, reflecting a significant increase in the amount of foreign currency being provided to customers through the banking system.
Beyond Telegraphic Transfers, BML said it provided approximately USD 570 million in foreign currency for various customer requirements during the first seven months of 2026. This represents an average of around USD 2.7 million per day, demonstrating the scale of foreign currency being distributed by the bank to meet the requirements of individuals and businesses.
Telegraphic Transfers are an important banking facility for companies engaged in international trade, service payments and other cross-border transactions. Improved access to foreign currency through banks therefore supports the private sector by facilitating overseas payments and helping businesses manage their international financial commitments through regulated banking channels.
BML said it remains committed to providing foreign currency for both individual and business requirements while appropriately balancing customer demand against the bank’s available foreign currency position. The additional allocation over the coming three weeks is expected to enable the bank to accommodate a greater volume of eligible TT requests.
The MMA recently increased the amount of foreign currency being released to commercial banks for a three-week period as part of ongoing measures to respond to pressure in the domestic foreign exchange market. The additional provision is expected to strengthen dollar availability through official channels and complement broader Government efforts to improve foreign currency management and maintain confidence in the country’s financial system.
The latest measures by the MMA, together with BML’s increased TT allocation, represent continued efforts by the authorities and the banking sector to ensure that foreign currency resources are directed towards the requirements of businesses and individuals while maintaining responsible management of available foreign exchange.
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