BML sells USD 468M in the first half of 2026

Bank of Maldives (BML) provided more than USD 478 million in foreign currency support to businesses and individuals during the first six months of this year.

In a statement, the bank said it remains committed to meeting customer demand and supporting the Maldivian economy despite ongoing challenges in the availability of foreign currency.

According to BML, USD 166 million was allocated for Telegraphic Transfers (TTs), facilitating 311,722 outward remittance transactions during the period. This represents a 20 percent increase from the 261,168 transactions processed in the corresponding period last year.

The bank also provided USD 226 million to support overseas credit and debit card transactions, up 29 percent from the USD 175 million recorded during the same period in the previous year.

Based on the figures, BML supplied an average of USD 80 million in foreign currency each month. The bank said this was 30 percent higher than the monthly average recorded last year, more than double the monthly average in 2023, and nearly four times the average monthly amount provided in 2021.

According to the bank, the figures reflect a significant expansion in the level of foreign currency support it has provided over recent years.

As part of its efforts to enhance customer services, BML said it continues to invest in digital innovation and strategic partnerships. These initiatives include expanding access to housing finance and launching the Maldives AI Lab in collaboration with Mindcoa.

The bank also said it is strengthening leadership development initiatives while preparing for future access to international debt capital markets. BML added that it enters the second half of the year from a position of financial strength, supported by a solid balance sheet, healthy liquidity and a strong capital base.