BML CEO challenges claims of dollar shortage, says bank selling USD 80 million monthly

Bank of Maldives (BML) has disbursed USD 226 million in loans during the first six months of this year alone, CEO Mohamed Shareef said Wednesday.

Speaking at the opening ceremony of the Youth Entrepreneurs Expo, Shareef said BML has issued twice as many dollar-denominated loans compared to the same period last year. He added that total dollar loans extended to the tourism sector, the backbone of the Maldivian economy, have now reached USD 860 million.

“From 2011 to 2023, a total of USD 249 million was disbursed in dollar loans. In 2024, an additional USD 142 million; in 2025, USD 284 million; and in the first six months of this year alone, USD 226 million,” Shareef said.

He said the first half of this year recorded the highest average monthly dollar sales in BML’s history. The bank sold dollars for card transactions, TTs for businesses, education and medical payments, and cash for departures, he noted.

According to Shareef, BML sold an average of USD 21 million per month in 2021 and USD 37 million per month in 2023.

That’s a wrap for the Youth Entrepreneurs Expo 2026!

A big thank you to all the participants, and we hope to see you again at another event. ✨ pic.twitter.com/oI46lnzasX

— Bank of Maldives (@bankofmaldives) July 15, 2026

“This year we are selling about USD 80 million every month. Is it because there are no dollars?” Shareef asked, challenging the narrative of dollar scarcity.

He highlighted that since September 2020, the USD 250 limit on debit card foreign transactions has been gradually increased. Since November last year, customers can now spend USD 1,000 on services and goods abroad, and up to USD 3,000 for travel tickets, hotel payments and medical treatment.

At Wednesday’s ceremony, BML and SME Digital jointly launched the Youth Entrepreneurship Financing facility to help young Maldivians start small businesses and turn innovative ideas into sustainable ventures. The unsecured facility is open to individuals aged 18 to 30, with no collateral or equity requirement.

Eligible applicants can receive financing of up to MVR 150,000, offering young entrepreneurs and freelancers a significant opportunity to secure the capital needed to launch or expand their businesses.