Bank of Maldives (BML) has reported a record volume of United States dollar sales to customers during the past two and a half years, reflecting a substantial expansion in the provision of foreign currency for card transactions, international transfers, education, medical treatment and overseas travel.
According to figures released by the bank, BML sold approximately USD 1.7 billion between January 2024 and June 2026. This represents an additional USD 741 million, or an increase of 77 percent, compared with the USD 957 million sold during the preceding two-and-a-half-year period from July 2021 to December 2023.
The increase demonstrates the growing scale of foreign currency transactions facilitated through the country’s largest bank and highlights the continued demand among individuals, families, businesses and other customers for reliable access to international payment services.
A significant share of the increase was recorded through spending on Maldivian rufiyaa-denominated cards. BML said customers spent USD 870 million through MVR cards during the past two and a half years, twice the amount recorded in the previous corresponding period. Monthly foreign currency allocations for card transactions increased from an average of USD 10.7 million in 2021 to USD 37.8 million during the first six months of 2026.
The expansion in card allocations has supported customers in making international online payments and settling expenses during overseas travel using locally issued cards. It also reflects the increasing use of digital payment channels and the growing importance of convenient cross-border payment facilities for Maldivian customers.
BML also recorded considerable growth in telegraphic transfers, which are widely used for international business payments, institutional transactions and personal remittances. Average monthly foreign currency sales through telegraphic transfers increased from USD 10.2 million in 2023 to USD 28 million during the first six months of 2026.
Foreign currency allocations for education and medical treatment also increased steadily. Average monthly sales for these essential purposes rose from USD 2.9 million in 2023 to USD 4 million in 2024, before increasing further to USD 5 million in 2025 and USD 5.8 million in 2026. These allocations support Maldivians pursuing education abroad and individuals requiring overseas medical consultations, treatment and related services.
The sale of physical US dollar cash for travel also registered strong growth. BML sold USD 264 million in cash for travel purposes between January 2024 and June 2026, compared with USD 155 million sold between January 2021 and December 2023. This represents an increase of nearly 70 percent.
During the first six months of 2026 alone, the bank sold an average of USD 8.5 million in physical cash each month for overseas travel. The increase reflects stronger international travel activity and the growing foreign currency requirements of Maldivian travellers.
Overall, BML’s average monthly foreign currency sales increased from USD 21 million in 2021 to USD 80 million during the first six months of 2026. The figures underline the bank’s expanding role in facilitating foreign currency access across several essential categories and supporting the international financial requirements of customers throughout the Maldives.
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