Bank of Maldives (BML) has sufficient US dollar liquidity, with the bank having issued loans worth USD 226 million during the first six months of this year alone, according to the bank's Chief Executive Officer, Mohamed Shareef.
Speaking at the opening ceremony of the "Youth Entrepreneurs Expo", Shareef said that by the end of last month, BML had more than doubled the value of US dollar loans issued to businesses compared with the total outstanding at the end of 2023. He noted that the financing had been directed primarily towards the tourism sector, the main driver of the Maldivian economy, bringing the total value of US dollar loans to USD 860 million.
Referring to these figures, Shareef said that between 2021 and the end of 2023, the bank issued a total of USD 249 million in US dollar loans. This was followed by an additional USD 142 million in 2024, USD 284 million in 2025, and a further USD 226 million during the first six months of this year alone.
He added that the first half of this year marked the highest average monthly volume of US dollar sales to customers in BML's history. This includes foreign currency sold for card transactions, telegraphic transfers (TTs) for businesses, education and medical expenses, as well as cash sales to travellers.
According to Shareef, the bank sold an average of USD 21 million per month in 2021. By 2023, this figure had risen to USD 37 million per month. This year, BML is selling approximately USD 80 million in US dollars every month.
“This year we are selling around USD 80 million every month. If dollars were unavailable, would we be selling this much?” Shareef said.
Shareef also highlighted that the limit for overseas debit card transactions, which had been set at USD 250 since September 2020, was increased to USD 1,000 from November 2025 for payments relating to goods and services purchased abroad.
In addition, the bank raised the foreign currency allowance for purchasing airline tickets, paying for hotel accommodation, and covering medical expenses to USD 3,000. Shareef noted that these facilities continue to be available to customers today.