The Bank of Maldives (BML) is disbursing an average of USD 2.7 million in foreign currency per day for card transactions, telegraphic transfers (TTs) and other purposes, the bank has said.
Speaking at the “Iqthisaadh Hamamagah” panel discussion organised by the Ministry of Economic Development and Trade, BML’s Head of Brand and Marketing Strategy Mohamed Saeed said BML’s operations are closely linked to the country’s economic performance, and that any changes to the economy affect the bank. He said the Maldives faces several challenges due to the Russia-Ukraine war and the unrest in the Middle East.
Noting that the Maldives is deeply dependent on foreign currency, especially US dollars, Saeed said the bank prioritises facilitating access to dollars for the general public and businesses. He said the bank provides USD 2.7 million per day for card transactions, TTs and other transactions. So far this year, BML has sold USD 570 million at the official exchange rate, and disbursed USD 270 million in loans, including USD 583.66 in the past seven months.
Saeed further said BML is providing about USD 1.2 million per day through its 86 ATMs, with USD 188 million withdrawn during the first six months of this year. This is a significant increase compared to the same period last year. He also recalled figures from around three years ago when USD withdrawals from ATMs stood at around USD 600,000 per day. He attributed the rise in USD withdrawals to the establishment of ATMs in the atolls, which has in turn made the service more accessible.
Saeed said in the first six months, BML provided USD 478 million in foreign currency to businesses and individuals. The bank sold USD 166 million for TT transactions during this period, involving 311,722 remittance transactions. This figure is 20 percent more than the same period last year, when 261,168 transactions were carried out.
Card spending abroad reached USD 226 million including both debit and credit cards, up 29 percent from USD 175 million in the same period last year.