BML expects dollar transfer delays to ease by end of next week
Bank of Maldives (BML) has said delays affecting US dollar transfers are expected to return to normal by the end of next week as the bank takes measures to manage increased demand for foreign currency.
BML said overseas transactions from rufiyaa accounts have increased this year, resulting in higher dollar outflows from the bank.
According to figures released by BML, the bank sold an average of USD 81.6 million per month up to the end of August, taking total dollar sales during the first eight months of the year to USD 653 million.
The figure represents an increase of 33.33 per cent compared with the same period last year.
BML said that if dollar sales continue at the same rate, the total amount sold by the bank could reach USD 1 billion by the end of the year.
Of the monthly dollar sales, an average of USD 38 million was used for debit and credit card transactions, while USD 27 million was allocated for telegraphic transfers.
A further USD 9.4 million per month was sold to Maldivians travelling overseas, while USD 7.3 million was allocated for medical and education-related expenses.
BML said the current level of dollar outflows against the amount of foreign currency received by the bank was not sustainable. It added that September is typically one of the months when dollar shortages are most pronounced, adding to the challenges faced by the bank.
The bank said it had introduced measures to reduce dollar outflows and bring demand more closely in line with the foreign currency it receives.
Over the past two weeks, customers have experienced delays in completing dollar transactions, including telegraphic transfers and bank-to-bank transfers.
BML has also introduced limits on e-commerce transactions while prioritising essential and necessary transactions.
The bank said the measures were intended to balance dollar outflows with inflows.
“With these measures, we expect dollar transactions to return to normal by the end of next week,” BML said.
The bank said its priority was to facilitate transactions on a sustainable basis while giving priority to essential financial transactions.
BML described the current situation as a temporary imbalance between dollar demand and supply and said it was not the result of weakness in the bank’s operations or balance sheet.
