Bank of Maldives (BML) has announced plans to increase the amount of US dollars provided to customers for Telegraphic Transfers (TTs) over the next three weeks, following a temporary increase in foreign currency allocations to banks by the Maldives Monetary Authority (MMA).
The country’s largest bank said the additional allocation for TTs will be determined by the amount of foreign currency it receives and the volume of transfer requests submitted by customers during the period.
The move follows MMA’s decision to increase its weekly US dollar allocation to commercial banks by 51 percent for three weeks, as part of efforts to improve access to foreign currency through the formal banking system.
BML has already recorded a substantial increase in the amount of foreign currency provided for international transfers this year.
Between January and the end of July, more than USD 186 million was provided to customers for TTs, according to the bank.
This translates to an average of approximately USD 27 million per month, around USD 12 million higher than the monthly average recorded during the corresponding period last year.
TTs are widely used by Maldivian businesses to make payments to overseas suppliers, making access to foreign currency through banks particularly important for the country’s import-dependent economy.
Beyond TTs, BML said it provided approximately USD 570 million to meet various foreign currency requirements of customers during the first seven months of 2026.
The figure amounts to an average of around USD 2.7 million being provided each day for card transactions, TTs and other foreign currency requirements.
BML recently disclosed that demand for dollars remains significant across its services. The bank has been supplying foreign currency for international card transactions, overseas transfers and cash withdrawals while also expanding access to US dollars through its ATM network across the country.
The latest increase comes as MMA introduces a series of measures aimed at improving the availability of dollars through official banking channels.
The central bank announced this week that weekly dollar allocations to banks would be increased by 51 percent for three weeks, with the additional foreign currency intended in part to assist businesses making payments for imported goods.
MMA had previously increased allocations by 32 percent ahead of Ramadan to support importers of essential commodities. A further 26 percent increase was introduced in June during the tourism off-season.
The latest increase is the largest of the three temporary adjustments announced this year.
For BML customers, the additional allocation means the bank will have greater capacity to process foreign currency requirements for TTs during the three-week period.
BML said it remains committed to supporting both individuals and businesses with their foreign exchange requirements while maintaining a sustainable balance between customer demand and the foreign currency available to the bank.
