Bank of Maldives (BML) sold a record USD 1.7 billion to customers between January 2024 and June 2026, achieving a 77 per cent increase from the previous two-and-a-half-year period.

The foreign currency was provided for card transactions, telegraphic transfers, education, medical treatment and travel-related expenses.

Figures published by BML show that between January 2024 and the end of June 2026, the bank provided customers with a total of USD 1.7 billion, representing a 77 per cent increase compared to the previous corresponding period, during which USD 957 million was sold. 

BML said USD 870 million was provided for card transactions made through Maldivian rufiyaa accounts over the past two and a half years. This is double the amount recorded during the previous comparable period. While the monthly average stood at USD 10.7 million in 2021, it has risen to USD 37.8 million this year.

The bank also reported a significant increase in telegraphic transfers. The monthly average of US dollars sold for Telegraphic Transfer (TT) transactions increased from USD 10.2 million in 2023 to USD 28 million this year.

Foreign currency sales for education and medical treatment have also increased steadily. The monthly average rose from USD 2.9 million in 2023 to USD 4 million in 2024 and USD 5 million in 2025. So far this year, the bank has been providing an average of USD 5.8 million per month for these purposes.

Cash US dollar sales to travellers also increased. Between January 2021 and December 2023, the bank sold USD 155 million in cash to travellers. From January 2024 to June 2026, that figure rose to USD 264 million, an increase of nearly 70 per cent.

Overall, BML said the volume of foreign currency sold each month has quadrupled over the past five years. The monthly average increased from USD 21 million in 2021 to USD 80 million during the first six months of 2026.

BML said the figures reflect its continued role in meeting the country’s foreign currency requirements. The bank added that it would continue to prioritise providing US dollars for customers’ essential needs as demand for foreign currency increases.