Minister of Economic Development and Trade Mohamed Saeed has stated that the significant increase in dollar transactions recorded this year reflects the continued growth of businesses in the Maldives.

Responding to questions during a press briefing held at the President’s Office, Minister Saeed said businesses are projected to spend around USD 175 million on telegraphic transfers (TT) in 2025. However, he noted that by the end of April alone, USD 136 million had already been issued for TT transactions, resulting in a substantial increase in monthly transaction volumes.

According to figures shared, Bank of Maldives issued USD 35 million for 10,838 TT transactions in January, USD 34 million for 10,501 transactions in February, USD 36 million for 10,600 transactions in March and USD 30 million for 8,955 transactions in April.

Minister Saeed further noted that BML had issued approximately USD 390 million for Maldivian debit and credit card transactions during 2025, while USD 160 million had already been issued for such transactions by the end of April this year. He said the increase in transaction volumes reflected broader economic and business expansion, which had also contributed to rising demand for US dollars.

The minister added that BML continues to provide more foreign currency for services than the amount of dollars being purchased by the bank, while introducing measures aimed at ensuring foreign currency is prioritised for genuine public and business needs in a sustainable manner.

As part of those measures, BML has also worked with immigration authorities to verify that Maldivian Rufiyaa cards used for overseas transactions are being used by cardholders who are physically abroad.