BML provides $722 million to customers in nine months as foreign currency demand grows
Bank of Maldives (BML) has made USD 722.1 million in foreign currency available to customers against Maldivian Rufiyaa during the first nine months of 2026, nearly matching the USD 733.8 million provided throughout the whole of 2025.
According to the bank’s third-quarter financial report released on Thursday, the monthly average of foreign currency provided to customers reached USD 80.2 million, an increase of 31% compared to the 2025 average.
The figure was also more than two and a half times the monthly average of approximately USD 32 million recorded in 2022.
The bank said it had made more than USD 3 billion in foreign currency available to customers against Rufiyaa since 2021, reflecting sustained growth in demand for overseas payments, travel, education, medical treatment and international transactions.
Of the foreign currency provided during the first nine months of 2026, USD 336 million was allocated to international transactions conducted through Rufiyaa-linked cards.
E-commerce transactions accounted for USD 208 million, representing 62% of international card spending. A further USD 93 million was spent through point-of-sale transactions overseas, while overseas cash withdrawals amounted to USD 34 million.
The bank also provided USD 224 million for telegraphic transfers, exceeding the USD 175 million provided for such transfers during the entirety of 2025.
Foreign currency provided for travel cash reached USD 86 million, including USD 5.8 million for Hajj and Umrah pilgrims.
BML also made USD 40 million available for overseas education and USD 33 million for medical expenses abroad. The amount provided for medical treatment was more than double the USD 14 million allocated throughout 2025.
Separately, the bank processed USD 2.86 billion in outward foreign currency payments during the nine-month period, an increase of 27% compared to USD 2.25 billion during the corresponding period in 2025.
These outward payments, which included remittances and import letters of credit, were distinct from the foreign currency made available to customers against Rufiyaa, as they also included payments executed using customers’ own foreign currency.
BML processed approximately 373,600 outward remittances during the period, an increase of 19% year-on-year.
The bank said demand for foreign currency continued to increase as more Maldivians travelled abroad, pursued overseas education and medical treatment, and conducted online transactions with international merchants.
BML said it remained focused on managing available foreign currency while prioritising essential needs and supporting business transactions.
