The Bank of Maldives (BML) says it sold an average of USD 74 million per month to customers for various needs during the first four months of this year.
According to the bank, this represents an increase of USD 27 million per month compared to the average monthly amount sold during the same period last year.
BML recently introduced several changes to the way it provides US dollars to customers. Speaking on PSM News’ “Raajje Miadhu” programme, BML CEO and Managing Director Mohamed Shareef said the bank is managing its dollar inflows in a way that ensures essential needs can continue to be met. He added that claims suggesting the bank is facing a shortage of dollar liquidity are not true.
Shareef explained that the proportion of dollars customers are able to purchase and the bank’s actual dollar liquidity are two completely different matters. He noted that BML holds more than half of all deposits in the Maldivian banking sector. Likewise, the bank has also issued the largest share of loans in the country.
In 2025, the bank facilitated the inflow of USD 3.7 billion into the Maldives, which he said equates to around USD 10 million per day. During the same year, the bank also facilitated USD 3.3 billion in outward transfers from the country.
“About 46 percent of all deposits are dollar deposits. The bank currently has no external borrowings of any kind. Between 45 percent and 50 percent of the entire loan portfolio consists of dollar-denominated loans. When compared against deposits, the loan-to-deposit ratio is around 68 percent. These are customer deposits. The dollar deposits held at the bank are primarily invested through loans issued to customers, mostly within the tourism sector,” Shareef said.
BML’s Head of Brand and Marketing Strategy, Mohamed Saeed, also shared details on how the bank is releasing dollars to customers. He said the amount of dollars provided by BML for various customer needs increased during the first four months of this year.
“When comparing the figures for 2025 and 2026, during the first four months of 2025 we issued an average of USD 47 million per month through cards and telegraphic transfers. However, during the first four months of this year, that figure rose to USD 74 million. This means we are increasing the amount of dollars we sell and making them available to more customers,” Saeed said.
BML currently provides customers with a USD 1,000 allowance for overseas point-of-sale transactions using Maldivian rufiyaa debit cards. In addition, customers in the Maldives can access up to USD 3,000 through rufiyaa debit cards for purchases such as airline tickets, medical expenses and accommodation bookings.
Since late 2024, the bank has also been providing a monthly limit of USD 1,200 to students studying abroad through dedicated student cards. Following the bank’s latest policy changes, students under the age of 18 studying overseas while using a guardian’s card will now also be issued student cards with a USD 1,200 limit.