BML dollar sales rise 33 percent as transfer services set to normalise

Bank of Maldives (BML) sold an average of USD 81.6 million per month through rufiyaa accounts during the first eight months of 2026, marking an increase of approximately 33.33 percent compared with the same period last year.

Dollar sales reached USD 653 million by the end of August, according to the bank. If the current rate continues, BML expects the annual total to approach USD 1 billion by the end of 2026.

Card transactions accounted for the largest share of dollar sales, averaging USD 38 million per month. Telegraphic transfers accounted for a further USD 27 million, while USD 9.4 million was provided monthly to Maldivians travelling abroad.

An additional USD 7.3 million per month was allocated for medical treatment and education, reflecting the bank’s continued focus on facilitating essential overseas payments.

BML said the substantial increase in demand temporarily created an imbalance between the dollars entering and leaving the bank. The pressure was intensified in September, which is typically a period of heightened dollar shortages.

As a result, some telegraphic and interbank transfers experienced delays during the past two weeks.

To stabilise dollar flows, BML introduced temporary limits on e-commerce transactions and prioritised essential and critical payments. The bank said these measures had helped bring dollar outflows more closely in line with inflows.

Dollar-transfer processing times are consequently expected to return to normal by the end of next week. BML said customers would continue to receive updates through its official communication channels.

The bank emphasised that the disruption was caused by a temporary supply-and-demand imbalance and did not reflect any weakness in its operations or balance sheet.

BML said it remained financially sound and continued to monitor the dollar situation closely, taking precautionary measures to protect customers, shareholders and the wider economy.

The bank reaffirmed its commitment to facilitating foreign-currency transactions sustainably while prioritising essential financial needs and remaining a trusted partner to individuals, businesses and the nation.