The Bank of Maldives (BML) has provided a significant influx of foreign currency to local businesses, facilitating over USD 100 million through Telegraphic Transfers (TTs) in the first quarter of this year.
The announcement was made by BML's CEO and Managing Director, Mohamed Shareef, during a press conference detailing the bank's quarterly performance.
Highlighting a substantial surge in demand, Shareef revealed that the bank sold a total of USD 106.2 million via TTs in Q1 2026. This figure represents a dramatic increase, averaging USD 35.4 million per month, far exceeding the 2025 monthly average of USD 14.6 million. The momentum has continued into April, with USD 27 million sold for 7,200 TTs as of Tuesday, including USD 2 million for 615 TTs processed just on Sunday and Monday of this week.
According to Shareef, this spike is driven by a doubling of remittances required for the import of goods and foreign services this month. A similar upward trend was noted in card transactions, with monthly foreign currency issuance for cards rising to USD 40 million, up from the 2025 monthly average of USD 32.5 million.
BML has posted a net profit of USD 40.9 million for Q1 2026, a notable 27 percent increase compared to the same period last year. The bank’s revenue reached USD 80.4 million, with operational efficiency improving as evidenced by a reduced cost-to-income ratio of 24 percent, down from 25 percent a year ago.