BML Sells Record $672 Million in Foreign Currency During 2025

The Bank of Maldives (BML) distributed a record $672.5 million in foreign currency to customers throughout 2025, averaging $1.84 million in daily sales. This represents a 70 percent surge compared to the previous year, driven by unprecedented demand for US dollars. The bank's foreign exchange support reached all levels of the economy. Businesses received $175 million in direct dollar sales, with small and medium-sized enterprises accounting for $104 million of that total. At the individual level, BML processed $390 million for personal use, largely facilitated through debit and credit card transactions. Support for international travel and religious observance was a major component of the bank's strategy. It sold $98.5 million to Maldivians for overseas travel and an additional $9 million specifically for Umrah pilgrims. Bank officials noted that this financial growth enabled a systemic increase in card limits, providing critical assistance for education, medical treatments, and commercial operations. Beyond retail transactions, BML's role in facilitating larger transfers expanded dramatically. The bank supplied up to 50 percent of the requirements for telegraphic transfers, a stark increase from the 5 to 10 percent support offered in 2024. By year's end, the volume of dollars sold for such transfers had quadrupled, which officials highlighted as a pivotal advancement in the bank's operational capacity.