The Bank of Maldives (BML) facilitated more than USD 100 million in Telegraphic Transfers (TT) during the first quarter of the year, reflecting a sharp increase in foreign currency support to businesses and individuals.
Chief Executive Officer and Managing Director Mohamed Shareef disclosed the figures during a press briefing outlining the bank’s latest operational and financial performance.
According to Shareef, BML processed USD 106.2 million in TTs over the three-month period, marking a substantial rise compared to 2023 levels. Monthly TT volumes climbed significantly from an average of USD 14.6 million last year to USD 35.4 million in the first quarter, underscoring growing demand for foreign currency amid expanding commercial activity.
The upward trend has continued into April. Shareef revealed that the bank facilitated USD 27 million across 7,200 transactions so far this month. Within just two days, Sunday and Monday, BML processed USD 2 million through 615 TTs, with additional transactions expected to follow.
The CEO highlighted that demand for foreign currency, particularly for imports and international services, has doubled during the current month. This surge aligns with broader economic activity and increased reliance on overseas payments.
Card-based foreign currency spending also recorded growth. Monthly averages rose from USD 32.5 million in 2023 to USD 40 million during the first quarter, indicating higher outbound spending by customers.
On the financial front, BML reported strong profitability, posting a net profit of MVR 631 million for the quarter, a 27% increase year-on-year. Total revenue reached MVR 1.24 billion, while operational efficiency improved, with the cost-to-income ratio declining to 24% from 25% a year earlier.
The figures reinforce BML’s expanding role in supporting the Maldivian economy, particularly in facilitating access to foreign currency for trade and international transactions.
