BML supplies USD 722 million to customers, nearly matching last year’s total

Bank of Maldives provided USD 722.1 million to customers in exchange for rufiyaa during the first nine months of 2026, nearly matching the USD 733.8 million supplied throughout 2025.

The bank’s third-quarter report showed that average monthly provision reached USD 80.2 million, 31 percent above the 2025 monthly average.

The funding supported international card spending, customer transfers, travel, overseas education and medical treatment. Since 2021, BML has provided more than USD 3 billion in foreign currency to customers against rufiyaa.

International spending through rufiyaa-linked cards accounted for USD 336 million in the first nine months of this year. Monthly card spending averaged USD 37 million, 15 percent above the 2025 average and nearly three times the 2022 average.

E-commerce accounted for USD 208 million, or 62 percent of international card spending. Customers also spent USD 93 million at overseas points of sale and withdrew USD 34 million in cash abroad.

Foreign currency provided for telegraphic transfers reached USD 224 million, already exceeding the USD 175 million supplied for the whole of 2025 by 28 percent.

BML provided a further USD 86 million in travel cash, including USD 5.8 million for Hajj and Umrah pilgrims.

Support for medical needs reached USD 33 million, more than double the USD 14 million provided throughout last year. Overseas education received USD 40 million, with average monthly provision increasing 16 percent from 2025.

Separately, the bank executed USD 2.86 billion in outward foreign currency payments, including remittances and import letters of credit — a 27 percent increase from the same period last year.

BML said its measures to support essential needs included protected access to foreign currency for overseas medical treatment and a dedicated monthly ATM withdrawal limit for students abroad. It also removed cross-border fees on overseas debit card ATM withdrawals.