BML Releasing $2.7 Million Daily as Foreign Currency Demand Surges

Bank of Maldives is offloading an average of $2.7 million every single day to keep up with foreign exchange demands across card transactions, telegraphic transfers (TTs), and other essential services.

Speaking at the “Economy on Track” panel discussion hosted by the Economic Ministry, BML Head of Brand and Marketing Strategy Mohamed Saeed outlined the massive strain on bank resources, pointing to global pressures like the Russia-Ukraine war and Middle East conflicts as key drivers weighing on the local market.

So far this year, the country’s national bank has sold $570 million at the official rate and issued another $270 million in loans.

“Last year, we ended the year having issued MVR 10 billion in total loans,” Saeed said. “In just these first seven months, we’ve already disbursed nearly MVR 9 billion to support businesses, the economy, and the public.”

A huge chunk of that cash is being pulled straight out of cash machines. Across BML’s network of 86 dollar ATMs nationwide, daily withdrawals now average $1.2 million—a massive jump compared to three years ago, when Male’ region ATMs saw just $600,000 withdrawn daily. Over the past six months alone, customers pulled out $188 million from dollar ATMs.

According to Saeed, expanding dollar ATM services to the outer atolls directly fueled the surge in accessibility and volume.

In total, BML funneled $478 million in foreign currency to businesses and individuals during the first half of the year:

• Telegraphic Transfers: $166 million was sold via TTs across 311,722 outward remittance transactions—a 20 percent spike from the 261,168 transactions recorded during the same period last year.
• Card Payments: $226 million went toward foreign debit and credit card transactions, jumping 29 percent from the $175 million processed in the first half of last year.

Saeed reiterated that because the Maldives remains heavily dependent on foreign imports and US dollars, keeping the flow of greenbacks moving for everyday shoppers and businesses stays at the top of the bank’s priority list.