The Minister of Economic Development, Transport and Trade, Mohamed Saeed, has revealed that the Bank of Maldives (BML) has released nearly USD 2 billion over the past 30 months to meet the nation’s burgeoning foreign exchange requirements.
Speaking at the "Ahaa" public forum, the Minister detailed the government's strategic response to the ongoing dollar shortage and highlighted a significant surge in official dollar allocations.
According to Minister Saeed, the Maldives’ reliance on the US dollar has escalated dramatically. Data provided by the Minister shows that out of a total of USD 3 billion released at the official rate between 2021 and the 2026 forecast, roughly USD 2 billion was disbursed in the last 30 months alone. This represents a 63 percent increase in the issuance of dollars for Telegraphic Transfers (TTs) and general requirements.
The Minister noted a sharp rise in the volume of dollars facilitated for trade. In 2022, BML released USD 130 million for TTs at the official rate, a figure that dipped slightly to USD 122 million in 2023 but has since skyrocketed to USD 213 million so far in 2026. On a monthly basis, the allocation for TTs has jumped from an average of USD 10 million to USD 27 million. Card transactions have seen a similar trend, rising from USD 161 million in 2022 to USD 304 million in the current year.
Addressing regulatory shifts, Minister Saeed highlighted recent amendments by the Maldives Monetary Authority (MMA), which increased the mandatory foreign exchange surrender requirement for tourism-related businesses from 20 percent to 40 percent.
"The full impact of this change will become clear starting the 25th of this month," the Minister said, adding that early indicators from the previous 20 percent requirement have already shown positive results in the market.
Beyond commercial needs, the Minister emphasised that the government remains committed to supporting citizens. BML continues to provide dollars at the official rate for essential purposes, including Maldivians studying abroad, those seeking medical treatment overseas, and for Hajj and Umrah pilgrims.
Minister Saeed also highlighted that the current administration has settled USD 1.4 billion in debt—the largest debt repayment in the history of the Maldives. He affirmed that the Ministry is working in "very close collaboration" with the MMA to implement desirable changes and ensure long-term stability in the country’s foreign exchange situation.