The Bank of Maldives (BML) is disbursing an average of USD 2.7 million in foreign currency every day through card transactions, telegraphic transfers and other services, reflecting the significant level of foreign currency support being provided to individuals and businesses across the Maldives.
Speaking during the “Iqthisaadh Hamamagah” panel discussion organised by the Ministry of Economic Development and Trade, BML Head of Brand and Marketing Strategy Mohamed Saeed highlighted the close relationship between the country’s economic performance and the operations of the national bank. He noted that developments in the domestic and international economy have a direct impact on the banking sector and the availability and movement of foreign currency.
Saeed said the Maldives continues to operate within a challenging global economic environment, including pressures associated with the Russia-Ukraine war and ongoing instability in the Middle East. As a highly import-dependent economy with substantial requirements for foreign currency, particularly US dollars, the Maldives remains sensitive to external economic developments and changes in international financial conditions.
Against this backdrop, Saeed said BML continues to prioritise facilitating access to US dollars for the general public and the business community. The bank currently provides approximately USD 2.7 million every day for card transactions, telegraphic transfers and other foreign currency requirements, supporting international payments, commercial transactions and the day-to-day financial needs of customers.
BML has sold approximately USD 570 million at the official exchange rate so far this year, demonstrating the scale of foreign currency being channelled through the formal banking system. During the same period, the bank has also disbursed USD 270 million in loans, contributing to financing for households, businesses and economic activity across the country.
Foreign currency accessibility has also expanded significantly through BML’s ATM network. Saeed said the bank currently provides approximately USD 1.2 million per day through its 86 ATMs, helping customers access US dollars more conveniently across the Maldives.
During the first six months of the year, customers withdrew USD 188 million from BML ATMs, representing a substantial increase compared with the corresponding period of last year. Saeed noted that around three years ago, daily US dollar withdrawals through ATMs stood at approximately USD 600,000, meaning the current level of daily withdrawals has roughly doubled.
He attributed much of the increase to the expansion of US dollar ATM services to the atolls. The wider geographic distribution of ATMs has improved access for residents and businesses outside the capital, allowing customers in different parts of the country to obtain foreign currency without depending solely on services concentrated in Malé.
The expansion supports the Government’s broader efforts to strengthen financial accessibility and economic participation across the islands while improving the availability of essential banking services to communities throughout the country. Greater access to formal foreign currency channels is particularly important for an economy that relies extensively on international trade, overseas payments and imported goods and services.
During the first six months of the year, BML provided a total of USD 478 million in foreign currency to businesses and individuals. Of this amount, USD 166 million was sold for telegraphic transfer transactions, covering 311,722 remittance transactions during the period.
The number of TT and remittance transactions increased by 20 percent compared with the same period last year, when 261,168 transactions were recorded. The increase demonstrates growing utilisation of formal banking channels for international transfers and reflects the expanding financial requirements of individuals and businesses as economic activity continues across the Maldives.
International card spending has also recorded strong growth. Spending abroad using BML debit and credit cards reached USD 226 million during the first six months of the year, an increase of 29 percent compared with USD 175 million during the corresponding period last year.
The figures presented at the Ministry of Economic Development and Trade’s economic discussion demonstrate the substantial volume of foreign currency circulating through formal banking channels and the increasing accessibility of US dollar services across the country. With BML expanding ATM access in the atolls while continuing to support card payments, telegraphic transfers, lending and other foreign currency requirements, the banking sector remains an important component of the Government’s wider efforts to facilitate economic activity, strengthen financial inclusion and improve access to essential financial services across the Maldives.
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