BML sold over $478 million in foreign currency during first half of 2026
Bank of Maldives (BML) sold more than US$478 million in foreign currency to businesses and individuals during the first six months of 2026, according to the bank’s second-quarter financial results released on Thursday.
In a statement accompanying the financial results, BML said it provided an average of US$80 million per month during the period.
The bank said this represents a 30% increase compared with the monthly average in 2025, double the monthly average recorded in 2023 and nearly four times the monthly average in 2021.
BML said the figures reflect its efforts to meet customer demand and support the economy despite ongoing challenges in sourcing US dollars.
“The amount of foreign currency provided by the bank has increased significantly over the past years,” the bank said.
According to BML, US$166 million was provided during the first six months of the year to support outward telegraphic transfers (TTs).
The bank processed 311,722 outward remittance transactions during the period, a 20% increase from 261,168 transactions recorded during the corresponding period last year.
BML also provided US$226 million for overseas transactions made using credit and debit cards during the first half of the year. This represents a 29% increase from the US$175 million provided for the same purpose during the first six months of 2025.
The bank said it continues to invest in its products, digital services, staff development and strategic partnerships.
Initiatives undertaken during the first half of the year included expanding access to housing finance, launching the Maldives AI Lab in partnership with MindCore, strengthening leadership development programmes and preparing to access international debt capital markets.
