Bank of Maldives (BML) has decided to increase dollar supply for telegraphic transfers (TTs), based on the dollars it receives and customer demand for TTs.
The announcement follows the central bank, Maldives Monetary Authority (MMA)’s decision to increase the foreign exchange allocation to BML for a three-week period.
BML provided more than USD 186 million from January to end of July 2026, averaging about USD 27 million per month. This monthly average is USD 12 million higher than last year’s average for the same period.
According to BML, the bank provided around USD 570 million in foreign exchange for various customer needs during the first seven months of the year. This is equivalent to an average of around USD 2.7 million per day.
BML has assured that it will continue providing foreign exchange to individuals and businesses. The bank said balancing customer demand with the bank’s available foreign-exchange position is one of the bank’s most important responsibilities.