BML Reports Daily USD Transactions Topping $1.5 Million Amid Rising Online Purchases

The Bank of Maldives (BML) is witnessing a sharp increase in foreign currency demand, averaging daily USD sales of $1.5 million, according to CEO Mohamed Shareef. This growing need is fueled primarily by a surge in local card-based transactions for overseas purchases, a trend that continues to challenge the bank’s foreign exchange reserves.

Surge in Digital Spending Drives Currency Demand

Speaking at the BML Annual General Meeting held at Barcelo Nasandhura, Shareef highlighted how the digital spending habits of Maldivians have evolved dramatically. More residents are now using their cards to shop from international platforms, increasing the daily volume of USD transactions significantly.

“Due to the high use of cards by locals for purchases from foreign businesses over the internet, the need for dollars is increasing,” said Shareef. “On average, we now process about 45,000 transactions per day, selling roughly USD 1.5 million daily.”

This amounts to approximately USD 45 million in monthly foreign currency sales — or a staggering USD 540 million annually.

Strong Global Partnerships Enable Sustainable Operations

To meet this rising demand, BML continues to rely on its robust partnerships with major international payment networks including Visa, MasterCard, and American Express. These collaborations have played a pivotal role in supporting essential sectors like tourism and trade, especially businesses operating resorts and hotels.

Shareef noted that maintaining these international relationships has enabled the bank to provide uninterrupted service in a challenging global economic climate.

Expanded USD Limits for Key Customer Segments

Acknowledging the specific needs of certain groups, BML has introduced more flexible USD transaction limits. For example, student card limits were increased to USD 1,200 per month to better accommodate those studying abroad.

Additionally, during the holy month of Ramadan, the bank raised the card spending cap for Umrah pilgrims by an extra USD 1,500, bringing the total allowable monthly limit to USD 2,000.

“These policy adjustments reflect our commitment to making banking easier and more supportive for our customers’ real-world needs,” Shareef added.

As digital commerce and international spending grow, BML faces the dual responsibility of supporting customer needs while carefully managing its foreign currency reserves. The bank’s leadership emphasized that it remains committed to both financial stability and customer satisfaction, adapting its strategies to match evolving market behaviors.

This steady rise in USD demand underscores the Maldives’ increasing integration into the global economy, not only through tourism and trade but also through individual consumer behavior.

With half a billion dollars in annual foreign currency sales and daily transaction volumes rising sharply, the Bank of Maldives is navigating a fast-changing financial landscape. Its proactive measures and strategic partnerships signal a broader shift in how Maldivians engage with the world — and how their financial institutions are adapting to meet that challenge.