Bank of Maldives Provides Over USD 100 Million for Business Imports

The Bank of Maldives (BML) has injected more than USD 100 million into the local economy through telegraphic transfers (TTs) during the first quarter of 2026, providing critical foreign currency support to businesses importing goods and services. CEO and Managing Director Mohamed Shareef revealed during a quarterly performance press conference that the bank processed USD 106.2 million in TTs between January and March. This marks a dramatic surge in demand, with a monthly average of USD 35.4 million—more than double the 2025 monthly average of USD 14.6 million. The momentum has persisted into April. As of Tuesday, BML had already facilitated USD 27 million across 7,200 transfers. The urgency of demand was further highlighted by a narrow window this week, where USD 2 million was processed for 615 transfers on Sunday and Monday alone. According to Shareef, the spike is primarily driven by a doubling of required remittances for foreign services and the import of essential goods. This trend extends beyond business transfers to consumer spending; monthly foreign currency issuance for card transactions has risen to USD 40 million, up from the previous year's average of USD 32.5 million. Alongside its role in facilitating trade, BML reported strong financial growth for the first quarter of 2026. The bank posted a net profit of USD 40.9 million, representing a 27 percent increase compared to the same period last year. Total revenue reached USD 80.4 million, supported by improved operational efficiency, as the bank's cost-to-income ratio dropped to 24 percent from 25 percent a year ago.