Bank of Maldives Increases Dollar Supply for Telegraphic Transfers to Meet Demand

Bank of Maldives (BML) has announced an increase in the supply of US dollars for telegraphic transfers (TTs), aimed at easing the pressure of customer demand. The decision follows a strategic move by the Maldives Monetary Authority (MMA), the nation's central bank, to raise the foreign exchange allocation provided to BML for a three-week period. Between January and July 2024, BML facilitated more than USD 186 million in telegraphic transfers, averaging approximately USD 27 million per month. This marks a significant increase in liquidity compared to the previous year, with the monthly average rising by USD 12 million for the same period. Beyond TTs, the bank has managed a substantial volume of foreign exchange to support the broader Maldivian economy. During the first seven months of the year, BML provided roughly USD 570 million in foreign exchange to meet various customer requirements. This equates to an average daily disbursement of approximately USD 2.7 million. BML reaffirmed its commitment to maintaining a steady flow of foreign currency for both individual clients and businesses. The bank emphasized that balancing volatile customer demand with its available foreign-exchange reserves remains one of its most critical operational responsibilities. These measures come at a time when businesses and individuals in the Maldives rely heavily on stable access to US dollars for international trade and essential services. By increasing the TT limits and leveraging the MMA's temporary allocation boost, BML aims to stabilize the flow of currency and reduce bottlenecks for those making overseas payments.