BML Providing Average of USD 2.7 Million Daily to Support Businesses and Public

Bank of Maldives (BML) is providing an average of USD 2.7 million a day for card transactions, telegraphic transfers and other foreign currency needs, highlighting the bank’s significant role in meeting dollar demand across the Maldivian economy.

Speaking at the Ministry of Economic Development and Trade’s Economy on Track panel discussion, BML Head of Brand and Marketing Strategy Mohamed Saeed said the bank remains closely connected to the performance of the wider economy and continues to support businesses and individuals amid challenging global conditions.

Saeed said international developments, including the Russia-Ukraine war and conflicts in the Middle East, have created pressures for several sectors in the Maldives. Given the country’s heavy dependence on foreign currency, particularly the US dollar, he said BML places strong emphasis on ensuring access to foreign exchange for both businesses and the public.

According to Saeed, BML has sold USD 570 million at the official exchange rate so far this year, while also disbursing USD 270 million in loans.

He said lending has expanded significantly during the first seven months of the year, with nearly MVR 9 billion released to support the needs of the economy, businesses and individuals.

“I would like to note that by the end of last year, we had disbursed a total of MVR 10 billion in loans. However, within these past seven months, nearly MVR 9 billion has been released for the needs of the economy, businesses and the public,” Saeed said.

BML has also expanded access to US dollars through its ATM network. Saeed said the bank currently operates 86 USD ATMs across different parts of the country, with customers withdrawing an average of USD 1.2 million per day.

Over the past six months, a total of USD 188 million was withdrawn through the bank’s USD ATMs.

Saeed said the increase reflects the expansion of dollar ATM services beyond the Greater Malé region. Three years ago, daily USD withdrawals from ATMs in Greater Malé stood at around USD 600,000, he said. Since the service was extended to the atolls, access to foreign currency has increased substantially.

During the first six months of this year, BML provided USD 478 million in foreign currency to businesses and individuals.

The bank also sold USD 166 million for outbound payments through telegraphic transfers during the period. A total of 311,722 foreign remittance transactions were processed, up 20 percent from 261,168 transactions during the same period last year.

Foreign currency provided for credit and debit card transactions also increased sharply. BML supplied USD 226 million for card transactions in the first six months of the year, representing a 29 percent increase from USD 175 million during the same period last year.

The figures highlight BML’s continued role in supporting foreign currency access, financing businesses and individuals, and expanding banking services across the Maldives.