BML Reports 70% Surge in US Dollar Sales, Issues Record $648M in Loans

The Bank of Maldives (BML) sold 70 percent more US dollars to individuals and businesses in 2025 compared to the previous year, a key indicator of robust economic activity. CEO and Managing Director Mohamed Shareef revealed the figures while announcing a record annual net profit of USD 162.14 million for the bank, a nearly 10 percent increase. According to the bank's 2025 financial statements, foreign exchange sales to the private sector reached USD 36.64 million. Overseas transactions, including card payments and e-commerce, also saw a significant rise, totalling USD 33.98 million and reflecting a USD 200 million increase from prior years. Shareef, speaking on a PSM News programme, highlighted a major policy shift where the bank increased US dollar issuance for telegraphic transfers to 50 percent, up from just 5 percent in previous years. BML’s lending activity further underscored its role in economic development. The bank disbursed a record USD 648.51 million in new loans to individuals and small and medium enterprises (SMEs) in 2025, marking the largest annual loan volume in its history. Shareef emphasised that the bank's strategic changes in foreign exchange availability and lending have positively impacted both the institution and its customers, facilitating greater financial access and supporting private sector growth across the Maldives.