BML Sold $566 Million Last Year, Up 70 Percent from Previous Year

The Bank of Maldives sold $566 million in foreign currency to businesses and individuals last year, marking a 70 percent increase compared to the previous year, according to its latest annual report.

The figure represents a year on year rise of $232 million from the $334 million provided in 2024, underscoring a sharp increase in demand for US dollars across the economy. The bank facilitated sales to both the public and the business sector, reflecting sustained foreign currency requirements for imports, overseas payments and international travel.

BML expanded its foreign currency services during the year in response to growing demand. The bank increased transfer limits for foreign debit cards and raised Telegraphic Transfer thresholds for businesses, easing access to cross border payment channels.

Currently, BML debit cards allow international transactions of up to $3,000. Higher TT limits have supported businesses in settling supplier payments and managing import related expenses more efficiently.

To strengthen access outside the capital, BML installed seven additional US Dollar ATMs across various atolls over the past year. The expansion is expected to improve regional availability of foreign currency services and reduce reliance on branches in Malé.

Despite the surge in dollar sales, the bank reported that it maintained strong liquidity levels throughout the period. Sustaining liquidity while increasing foreign currency supply signals operational stability amid heightened demand pressures.

Foreign currency availability remains central to the Maldivian economy, which depends heavily on imports and tourism driven inflows. The significant growth in dollar sales indicates rising transactional activity across sectors and highlights the banking system’s role in supporting trade, consumer spending and broader economic continuity.