BML dollar sales rise 77% over two and a half years
Bank of Maldives (BML) says it has sold a record volume of US dollars to customers over the past two and a half years, with total foreign currency sales increasing by 77% compared with the previous two-and-a-half-year period.
The bank said it sold an additional USD 741 million between January 2024 and June 2026, compared with the USD 957 million sold between July 2021 and December 2023.
The figures include foreign currency allocated for card transactions, telegraphic transfers (TTs), education, medical treatment and travel.
BML said spending through Maldivian rufiyaa (MVR) cards accounted for USD 870 million over the past two and a half years, double the amount recorded during the previous two-and-a-half-year period.
According to the bank, monthly dollar allocations for card transactions increased from an average of USD 10.7 million in 2021 to USD 37.8 million this year.
The bank also reported a rise in telegraphic transfers. Monthly TT sales increased from an average of USD 10.2 million in 2023 to USD 28 million so far this year.
Foreign currency sold for education and medical treatment also increased over the period. BML said average monthly allocations rose from USD 2.9 million in 2023 to USD 4 million in 2024, USD 5 million in 2025 and USD 5.8 million this year.
Sales of physical US dollar cash for travel also increased. The bank sold USD 155 million between January 2021 and December 2023, compared with USD 264 million from January 2024 to June 2026, an increase of nearly 70%.
During the first six months of this year, BML sold an average of USD 8.5 million in cash each month for travel purposes.
Overall, the bank said its total monthly foreign currency sales have risen from an average of USD 21 million in 2021 to USD 80 million during the first six months of this year.
