BML sold USD 1.7bn over the past two and a half years
Bank of Maldives sold a record USD 1.7 billion from 2024 to mid-2026, a 77 percent increase driven by rising demand for card transactions and travel. Monthly sales quadrupled over five years to reach USD 80 million. This surge occurs as the public faces challenges obtaining currency at official rates while black market rates climb.
U.S. Dollar banknotes laid out on a surface. | Reuters
The Bank of Maldives (BML) has disclosed that it sold a record amount of U.S. Dollars to its customers over the past two and a half years.
These sales encompass card transactions, telegraphic transfers (TTs), and foreign exchange provided for education, medical treatment, and travel purposes.
According to the country’s national bank, from January 2024 to June 2026, the bank sold a total of USD 1.7 billion to its customers. This represents a significant 77 percent increase, or USD 741 million, compared to the USD 957 million sold during the preceding two and a half years (from July 2021 to December 2023).
Highlighting the rising demand across all customer needs, BML noted that USD 870 million was allocated for card transactions conducted via Maldivian Rufiyaa accounts over the last two and a half years.
This figure has doubled compared to the previous period. While the monthly average for card transactions stood at USD 10.7 million in 2021, it has surged to an average of USD 37.8 million per month this year.
BML further detailed that in 2023, the average monthly sales for telegraphic transfers (TTs) amounted to USD 10.2 million. However, this year, the bank is processing an average of USD 28 million per month for this purpose.
Regarding foreign currency for education and medical expenses, BML stated that the monthly average rose from USD 2.9 million in 2023 to USD four million in 2024, and further to USD five million in 2025. This year, the bank is providing USD 5.8 million monthly, which BML emphasized as crucial support for students studying abroad and families seeking medical treatment overseas.
In terms of physical cash for travelers, BML sold USD 155 million between January 2021 and December 2023. This figure rose to USD 264 million between January 2024 and June 2026, marking an increase of approximately 70 percent. During the first six months of this year, the bank sold an average of USD 8.5 million per month to travelers.
Overall, the bank’s monthly foreign currency sales have nearly quadrupled over the last five years. In 2021, the monthly average was USD 21 million; however, during the first half of 2026, this figure escalated to USD 80 million per month.
Acknowledging the growing demand for foreign exchange, BML reiterated its commitment to prioritizing the dollar requirements of its customers for education, medical care, travel, and essential daily transactions.
These statistics are released amidst growing concerns from businesses and the public regarding the increasing difficulty in obtaining U.S. Dollars.
Many have noted the challenges of acquiring U.S. Dollars at the official rate, while the black market rate has reportedly risen to MVR 21 per U.S. Dollar.
