Bank of Maldives (BML) says it has sold a record US$1.7 billion in foreign currency to customers over the past two and a half years, reflecting a sharp rise in demand for overseas payments, travel, education, healthcare, and international transactions.
According to the bank, it sold US$1.7 billion between January 2024 and June 2026, a 77 percent increase from the US$957 million sold during the previous two and a half year period from July 2021 to December 2023. The increase represents an additional US$741 million in foreign currency provided to customers.
BML said demand has grown across every major category of foreign currency use.
Card transactions accounted for the largest share, with customers spending US$870 million through Maldivian Rufiyaa accounts during the period. The monthly average for card-related dollar sales has climbed from US$10.7 million in 2021 to US$37.8 million this year, more than tripling over five years.
The bank also reported a sharp increase in telegraphic transfers (TTs). Monthly TT sales have risen from an average of US$10.2 million in 2023 to US$28 million in 2026.
Support for students and patients travelling abroad has also expanded. Monthly foreign currency sales for education and medical expenses increased from US$2.9 million in 2023 to US$4 million in 2024, US$5 million in 2025, and US$5.8 million so far this year.
Travel-related cash sales have also grown significantly. BML sold US$264 million for travel between January 2024 and June 2026, compared with US$155 million during the earlier period, an increase of about 70 percent. During the first half of 2026, the bank has been selling an average of US$8.5 million in travel cash each month.
Overall, the bank’s monthly foreign currency sales have nearly quadrupled over the past five years, rising from an average of US$21 million per month in 2021 to US$80 million per month during the first half of 2026.
BML said the figures demonstrate its continued efforts to meet the Maldives’ growing demand for foreign currency, while prioritising essential needs such as education, healthcare, travel, card spending, and international money transfers.
