$2.86 billion sent abroad through BML in nine months

The Bank of Maldives (BML) processed USD 2.86 billion in outward foreign currency transactions during the first nine months of 2026, according to figures released by the bank.

The transactions included more than 373,600 remittances, reflecting the volume of money moving out of the country through the bank.

During the same period, BML supplied customers with USD 722 million in foreign currency, averaging around USD 80 million per month. This nearly matched the USD 733 million provided throughout 2025.

Of the foreign currency supplied, USD 336 million went towards overseas card transactions, including USD 208 million in online purchases, USD 93 million in overseas point-of-sale spending and USD 34 million withdrawn from foreign ATMs.

The bank also provided USD 224 million for telegraphic transfers, USD 86 million in travel cash, USD 40 million for overseas education and USD 33 million for medical expenses.

Meanwhile, BML received USD 2.96 billion through remittances and card settlements during the first nine months of the year, a 15 percent increase compared with the same period in 2025.

However, foreign currency inflows declined in September, with the bank receiving USD 240 million, 6 percent less than September last year.

BML cited rising global costs of obtaining US dollars and increasing domestic demand for foreign currency as major challenges. The bank said it is managing these pressures by strengthening its foreign currency funding sources and reviewing its financial operations in line with market conditions.