BML: No halt in USD support for TTs, USD 35.4M sold each month

Bank of Maldives (BML) has rejected recent reports alleging a sudden halt in US dollar support for business telegraphic transfers (TTs), describing the claims as false and misleading, with the bank confirming that TT processing continues without interruption.

Given the Maldives’ heavy reliance on imports, TTs facilitated through banks remain a critical mechanism for businesses to procure goods from overseas.

BML stated that it continues to provide US dollars to businesses for TT purposes in line with its established policies and within designated limits for each company. The bank further assured that throughout this month it has supplied the maximum available foreign exchange to all customers requesting TT support. It added that no business seeking US dollar assistance for a TT has been denied to date.

According to figures released by BML, the bank sold USD 106.2 million in the first quarter of the year for outward remittances, representing a monthly average exceeding USD 35.4 million. This marks a 142 percent increase compared to the monthly average of USD 14.6 million recorded during the same period last year, indicating that the volume of US dollars supplied to businesses has risen significantly.

Additionally, BML reported that foreign currency has been provided for 38,855 TTs so far this year, with more than 6,800 TTs supported in April alone. Data also show that in a single day, over USD 900,000 was sold to facilitate 327 TTs.

Amid ongoing geopolitical tensions in the Middle East and shifts in the global economy, the bank noted that outward remittances currently exceed foreign currency inflows. While this imbalance has placed pressure on foreign exchange liquidity, BML emphasized that it continues to manage the situation prudently to support both businesses and individuals.

The bank further stated that, despite these challenges, it has increased the allocation of US dollars for essential imports, including food and medical supplies. However, it explained that as each business operates within predetermined limits, it may not always be possible to provide the full amount required for a single TT at once. This approach, BML noted, is intended to ensure equitable distribution of foreign currency among all customers.

Emphasizing that only the bank can verify accurate information regarding customer data and financial transactions, BML also raised concerns about what it described as false reporting by certain media outlets. The bank stated that it is deeply concerned about the dissemination of irresponsible information that creates unnecessary public concern and anxiety among its customers regarding such a critical matter.