Bank of Maldives (BML) is supplying an average of USD 2.7 million per day to individuals and businesses for card payments, transfers and other foreign currency requirements, as demand for US dollars continues to grow across the economy.
The figures were disclosed by BML Head of Brand and Marketing Strategy Mohamed Saeed during the “Iqthisaadu Hamamagah” panel discussion organised by the Ministry of Economic Development and Trade.
Saeed said BML’s operations are closely tied to the performance of the Maldivian economy, with changes in domestic and global economic conditions having a direct impact on the country’s largest bank.
He noted that international developments, including the Russia-Ukraine war and conflicts in the Middle East, have created challenges for economies and businesses around the world, with the effects also being felt across different sectors in the Maldives.
With the Maldivian economy heavily dependent on foreign currency, particularly the US dollar, Saeed said ensuring access to dollars for individuals and businesses remains a major priority for the bank.
According to figures presented during the discussion, BML has sold USD 570 million at the official exchange rate so far this year.
The bank is currently supplying an average of USD 2.7 million each day through card transactions, Telegraphic Transfers (TT) and other foreign currency requirements.
Dollar withdrawals through BML’s ATM network have also increased considerably as access to foreign currency services has expanded beyond the Greater Malé region.
BML currently operates 86 USD ATMs across the country, through which customers withdraw an average of around USD 1.2 million per day. A total of USD 188 million was withdrawn through the machines during the six-month period cited by the bank.
Saeed said the figures represent a significant change from around three years ago, when USD ATMs in the Greater Malé region recorded approximately USD 600,000 in withdrawals per day.
The subsequent expansion of dollar ATMs to the atolls has made foreign currency more accessible to customers outside the capital and contributed to the increase in withdrawals, he said.
BML supplied USD 478 million in foreign currency to businesses and individuals during the first six months of 2026.
Of this, USD 166 million was provided for Telegraphic Transfers during the period. The bank processed 311,722 outward remittance transactions, an increase of 20 percent from the 261,168 transactions recorded during the same period last year.
Foreign currency provided for debit and credit card transactions also increased substantially.
BML supplied USD 226 million for overseas card transactions during the first half of the year, representing a 29 percent increase from USD 175 million during the corresponding period in 2025.
The bank has also increased lending to support businesses and individuals.
Saeed said BML issued approximately MVR 10 billion in loans during the entirety of last year. In comparison, nearly MVR 9 billion has already been disbursed during the first seven months of 2026 to meet financing requirements across the economy.
In dollar terms, the bank has issued approximately USD 270 million in loans so far this year.
“I would like to point out that by the end of last year, we disbursed a total of MVR 10 billion in loans. However, within these past seven months, nearly MVR 9 billion has been issued to meet the needs of the economy, businesses and the public,” Saeed said.
As the country’s largest bank, BML plays a central role in the domestic foreign exchange market, providing dollars for overseas purchases, travel, education, medical expenses, business payments and international transfers.
The latest figures show continued growth in the use of formal banking channels for foreign currency transactions, with card spending, remittances and ATM withdrawals all recording substantial activity during the first half of the year.
