The Bank of Maldives (BML) has announced that it sold a record USD 1.7 billion in foreign currency over the past two and a half years to meet customers' growing demand.
The bank said it sold a total of USD 1.7 billion between January 2024 and the end of June 2026, representing a 77% increase compared with the previous two-and-a-half-year period, when it sold USD 957 million.
The total includes foreign currency provided for card transactions, telegraphic transfers (TT), overseas education and medical expenses, as well as cash sold to travellers.
According to BML, USD 870 million was provided for card transactions made using Maldivian rufiyaa accounts during the period, more than double the amount recorded over the previous comparable period. The bank said average monthly foreign currency sales for card transactions increased from USD 10.7 million in 2021 to USD 37.8 million during the first half of 2026.
Foreign currency sales for telegraphic transfers also increased significantly. BML said the monthly average rose from USD 10.2 million in 2023 to USD 28 million this year.
The amount of foreign currency sold for students studying overseas and customers seeking medical treatment abroad also continued to rise. The monthly average increased from USD 2.9 million in 2023 to USD 5.8 million this year.
The bank added that the amount of US dollars sold as cash to travellers has increased by 70% compared with previous levels.
BML said its average monthly foreign currency sales have nearly quadrupled over the past five years. While the bank sold an average of USD 21 million per month in 2021, that figure had risen to USD 80 million per month during the first six months of 2026.
The bank said the figures demonstrate its continued commitment to meeting the country's foreign currency requirements. It added that, despite increasing demand, it will continue to prioritise the provision of US dollars for customers' essential needs.