BML says tourism loan portfolio reached $585 million in Q1 2026
Bank of Maldives (BML) has said it continued lending to the tourism sector, with new loans amounting to USD 365 million from 2024 to the current period.
In a statement issued to clarify its position on United States dollar exposure and liquidity management, the bank said the tourism sector remained the largest segment receiving new lending during the period.
BML said its net tourism sector loan portfolio stood at USD 585 million at the end of the first quarter of 2026.
The bank said the lending was maintained while it continued to manage US dollar liquidity and address its Net Open Position in US dollars.
According to BML, the bank continued its business operations while taking measures to correct its NOP short position, and total US dollar sales exceeded USD 600 million for the requirements of individuals, businesses and corporates, including TT payments and cards.
The bank said US dollar liquidity is being actively managed through diversified funding sources, treasury operations and close coordination with key stakeholders. It added that these measures have allowed it to continue meeting customer and market needs without disruption.
BML also drew a distinction between NOP and liquidity in its statement. It said NOP reflects the difference between foreign currency assets and liabilities and indicates exposure to exchange rate movements, while liquidity refers to the bank’s ability to meet short-term obligations.
The statement noted that BML’s NOP in US dollars had reached a short position of 20 per cent in September 2024, equivalent to about USD 200 million oversold at the time. However, the bank said the position was later restored to positive levels with support from the Ministry of Finance and Planning, bringing it back in line with regulatory requirements.
As part of its broader update, BML said its overall financial performance remains strong. The bank said it has recorded the best results in its 43-year history, supported by capital and liquidity ratios that remain within board-approved risk appetite, regulatory requirements and international standards.
The bank cited comments made by Chief Executive Officer and Managing Director Mohamed Shareef during the Annual General Meeting held on 28 March 2026 and in a public address the following night.
BML said it remains committed to transparency, prudent financial management and sustaining the confidence of customers, shareholders and stakeholders.
