Bank of Maldives Plc. (BML) on Saturday announced a series of steps to address the current high demand among travellers for US dollars.
In a statement, the bank said over the next two weeks it would sell US dollars to more travelers than before, and its branch at Sea Tracs Building, near the Customs area, would be dedicated to dollar sales.
According to BML, it has been selling dollars to approximately 350 travelers per day over recent weeks, with US$500 provided to each customer with valid travel documents.
The Bank has now committed to increase its support to at least 500 people per day over the course of next two weeks.
The statement said the supply of dollars to travelers is an initiative that was started by the Maldives Monetary Authority (MMA) 2 years ago and BML has been by far the most active supporter of the scheme, supplying US$39 million this year alone.
img:http://s3.psmnews.mv/images/660x400/9074.jpg|Andrew Healy, Chief Executive Officer and Managing Director of Bank of Maldives Plc. (BML) during an exclusive interview with PSM News - Photo: PSM News
Andrew Healy, Chief Executive Officer and Managing Director of BML, said that the Bank fully understands that this is a period of high demand for US dollars, especially among those preparing to go on the Hajj pilgrimage.
BML is also taking steps to prevent the misuse of the scheme, it said.
The bank said individuals must come to the branch to make the currency purchase in person, and in order to support families traveling together it would allow an individual to purchase dollars for a maximum of five people, provided all documentation is in order.