Bank of Maldives Records USD 136 Million in Telegraphic Transfer Sales Since January

Bank of Maldives (BML) has processed USD 136 million in telegraphic transfer (TT) sales across more than 40,000 transactions during the first four months of the year. The data highlights a significant increase in the demand for foreign currency transfers among Maldivian clients. Speaking at a press conference, BML Chief Executive Officer and Managing Director Mohamed Shareef provided a detailed breakdown of the bank's foreign exchange activities. According to the statistics, average monthly TT sales surged to USD 34 million this year, more than doubling the USD 15 million average recorded in the previous period. When combining foreign point-of-sale (POS) transactions and telegraphic transfers, the bank sold a total of USD 296 million. The monthly average for these combined services has climbed sharply, rising from USD 47 million last year to USD 74 million over the past four months. The monthly TT performance remained relatively steady through the start of the year, with January recording USD 35 million, February USD 34 million, March peaking at USD 37 million, and April closing at USD 30 million. Beyond transfers, spending via debit and credit cards reached USD 160 million by the end of April, averaging USD 40 million monthly. However, the bank also reported a substantial increase in foreign currency entering the country. Foreign exchange inflows reached USD 1.58 billion by late April, a marked increase from the USD 1.26 billion seen during the same timeframe last year. Remittances followed a similar upward trajectory, totaling USD 1.45 billion compared to USD 1.03 billion in the previous year. In terms of overall cross-border movement, BML processed USD 306 million in receipts from abroad and USD 414 million in payments sent overseas.