Bank of Maldives (BML) is facilitating an average of USD 1.5 million in daily foreign currency sales, a figure that highlights the country’s increasing global financial integration and the rising international spending needs of both locals and tourism-related businesses. The figure was shared by BML CEO and Managing Director Mohamed Shareef at the bank’s Annual General Meeting, held at Barceló Nasandhura.
With over 45,000 USD transactions processed every day, BML’s monthly foreign currency sales now total approximately USD 45 million, equating to a substantial USD 540 million annually. This surge is driven primarily by growing demand for USD-linked card payments, particularly from Maldivians making online purchases from global retailers and service providers.
“Card usage has increased significantly, especially among local customers purchasing goods and services online from abroad,” said Shareef. “As a result, our daily USD transaction volume has reached new highs.”
For travelers visiting the Maldives and businesses operating in the tourism sector, this robust foreign exchange service infrastructure is a key facilitator of seamless financial transactions. BML’s partnerships with global payment giants—including Visa, MasterCard, and American Express, ensure smooth processing for resort and hotel operators, tour service providers, and international guests relying on foreign cards.
BML has also implemented targeted solutions to meet the growing needs of specific customer groups with overseas financial requirements. Students studying abroad now benefit from a higher monthly card limit of USD 1,200, while those undertaking religious pilgrimages during Ramadan were granted an additional USD 1,500 increase to their limit, bringing the total to USD 2,000 for Umrah pilgrims.
These enhancements reflect BML’s broader commitment to enabling cross-border financial access while supporting the nation’s vital industries. For foreign investors and visitors, the scale and reliability of BML’s foreign exchange operations offer confidence in the Maldives’ capacity to support international business and travel with efficient, secure banking solutions.
Whether it’s a luxury resort handling global payments or a visitor purchasing local services with a foreign-issued card, BML’s expansive digital and currency transaction framework ensures financial ease across the islands, making every journey to the Maldives not only unforgettable but also effortlessly connected.
advertisment
advertisment
