Bank of Maldives Sells Record USD 1.7 Billion to Meet Rising Demand

The Bank of Maldives (BML) has sold a record USD 1.7 billion in foreign currency over the last two and a half years, marking a significant surge in the demand for US dollars across the archipelago. This figure represents a 77% increase compared to the previous 30-month period, during which the bank sold USD 957 million. According to the bank, the record sales occurred between January 2024 and the end of June 2026. The total encompasses foreign currency utilized for card transactions, telegraphic transfers (TT), overseas medical and educational expenses, and cash sales for travelers. Card transactions made through Maldivian rufiyaa accounts drove a substantial portion of this growth. BML provided USD 870 million for these transactions, more than double the amount of the previous comparable period. The average monthly sales for card transactions leaped from USD 10.7 million in 2021 to USD 37.8 million in the first half of 2026. Telegraphic transfers also saw a sharp incline, with monthly averages rising from USD 10.2 million in 2023 to USD 28 million this year. Similarly, the cost of supporting citizens abroad grew, as the monthly average for overseas students and medical patients rose from USD 2.9 million in 2023 to USD 5.8 million. Travelers have also increased their reliance on the bank, with cash sales rising by 70%. Overall, BML's average monthly foreign currency sales have nearly quadrupled over five years, jumping from USD 21 million per month in 2021 to USD 80 million per month during the first six months of 2026. BML stated that these figures underscore its commitment to stabilizing the country's foreign currency requirements. The bank reaffirmed that it will continue to prioritize the provision of US dollars for the essential needs of its customers despite the escalating demand.