Bank of Maldives Reports $1.04 Billion in Capital Outflows for First Quarter

The Bank of Maldives (BML) has recorded a significant surge in international financial activity for the first quarter of the year, characterized by a high volume of both incoming and outgoing capital. Between January and March, USD 1.27 billion entered the Maldives from international sources, while USD 1.04 billion was transferred abroad. These figures indicate an acceleration of the macroeconomic trend established in 2025, during which the bank facilitated USD 3.69 billion in incoming capital against USD 3.28 billion in outgoing funds. This heightened activity reflects the Maldives' increasing integration with global financial markets and the expanding needs of its domestic economy. To manage this volatility and support operational demands, BML has increased specialized foreign currency allocations. The bank reported a substantial rise in the volume of US dollars issued for telegraphic transfers to assist commercial enterprises and the general public. During the first quarter, BML sold USD 106.2 million for these transfers, averaging USD 35.4 million per month—a sharp increase from the USD 14.6 million monthly average seen throughout 2025. Consumer spending patterns also showed an upward trajectory. Cross-border transactions made via credit and debit cards rose to a monthly average of USD 40 million during the first quarter, compared to the USD 32.5 million average sustained over the previous year. Bank representatives emphasized their commitment to ensuring uninterrupted foreign currency assistance. By maintaining these allocations, the institution aims to safeguard liquidity and support overall domestic financial stability amidst the rising demand for foreign exchange.