BML Doubles Foreign Currency Support for MVR Card Transactions

Between January 2024 and June 2026, BML sold US$870 million in foreign currency to support MVR card transactions.

Mohamed Hilmy

12 July 2026, 07:32

The Bank of Maldives has more than doubled the amount of foreign currency provided for international card transactions from Maldivian Rufiyaa (MVR) accounts, reflecting the rapid growth in overseas spending and digital payments by customers.

Between January 2024 and June 2026, BML sold US$870 million in foreign currency to support MVR card transactions, representing a 102% increase compared to the previous 30-month period.

Monthly foreign currency sales for these transactions increased from US$10.7 million in 2021 to US$37.8 million during the first half of 2026, highlighting the growing use of BML cards for travel, online shopping and international services.

The increase formed part of a broader rise in foreign currency availability. During the last 30 months, BML sold a record US$1.7 billion in foreign currency to customers—77% more than during the preceding period.

The bank also expanded foreign currency support for Telegraphic Transfers, education, healthcare and travel, helping individuals and businesses meet a growing range of international payment needs.

With record levels of foreign currency sales across multiple categories, BML continues to strengthen access to foreign exchange for customers throughout the Maldives.

BML Doubles Foreign Currency Support for MVR Card Transactions

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