BML dollar sales surge by 33.33 percent, dollar transfers to return to normal by next week
19 ސެޕްޓެމްބަރު 2026 | ހޮނިހިރު 22:24Bank of Maldives (BML) is experiencing delays in processing foreign currency transactions due to a surge in demand that has outpaced the available dollar supply. While the bank has implemented measures to manage the situation, it anticipates that services will return to normal within the coming week. BML emphasized that this is a temporary fluctuation in supply and reassured customers that the bank's overall financial position remains robust.
Bank of Maldives. | BML
Foreign currency transactions conducted through Bank of Maldives (BML) Rufiyaa accounts have surged significantly this year, with the volume of US dollars sold by the bank for overseas transfers increasing by 33.33 percent.
According to statistics released by Bank of Maldives (BML), the bank sold an average of $81.6 million per month through August of this year. By the end of August, a total of $653 million had been sold, representing an increase of approximately one-third compared to the same period last year. If dollar sales continue at this rate, the total volume is projected to reach nearly $1 billion by the end of the year.
Key sectors for which the bank has facilitated US Dollar sales:
- Debit and credit card transactions: $38 million per month
- Telegraphic Transfer (TT): $27 million per month
- For Maldivians traveling abroad: $9.4 million per month
- For health and education purposes: $7.3 million per month
Bank of Maldives (BML) has noted that selling dollars at this volume against the amount of foreign currency it receives is unsustainable. The bank further highlighted that challenges have intensified as September is typically one of the months where the dollar shortage is most acute.
In connection with this issue, delays have occurred over the past two weeks in processing US dollar transactions, including telegraphic transfers (TTs) and interbank transfers. To manage the situation and balance dollar inflows with outflows, limits were recently imposed on e-commerce transactions, with priority now being given to essential and critical payments.
The bank anticipates that with the measures currently being implemented, the processing time for US dollar transactions will return to normal by the end of next week.
Bank of Maldives (BML) stated that this situation does not reflect any operational or balance sheet weaknesses, but is rather a temporary imbalance between the demand and supply of US dollars. Reaffirming its financial stability, the bank expressed its gratitude to customers and shareholders for their continued trust and cooperation.
