BML dollar sales rise 70% year-on-year, says CEO

The Bank of Maldives (BML) has reported a 70 per cent increase in dollar sales last year compared to the previous year, according to Chief Executive Officer and Managing Director Mohamed Shareef.

Shareef made the statement during an appearance on PSM’s ‘Raajje Miadhu’ programme.

He said the bank sold more than $565 million in foreign currency to individuals and businesses during the year.

According to figures shared by the bank, BML card transactions abroad totalled $524 million. These transactions included withdrawals from ATMs, point-of-sale payments and e-commerce transactions.

The amount recorded for overseas card usage was more than $200 million higher than the previous year.

Shareef also stated that the allocation of telegraphic transfers (TTs) for businesses was increased. Previously, businesses were allocated 5 per cent of the total TT amount. This was increased to 50 per cent last year.

He said the changes have expanded access to foreign currency for businesses and customers.