Saeed says rising dollar transactions reflect business growth
He added that increased demand for foreign currency places pressure on the bank’s dollar flow and said efforts are needed to secure more.
Economic Minister Mohamed Saeed said on Thursday that the increase in US dollar transactions through the Bank of Maldives (BML) reflects growth in business activity.
Speaking at a press conference held at the President's Office, Saeed responded to questions regarding measures being taken to address difficulties faced by small businesses due to shortages in foreign currency availability.
Referring to statistics released by BML, the minister said the volume of dollars sold by the bank for businesses and outward transactions has increased compared to last year.
“The same journalists sometimes question if businesses are in decline,” Saeed said. “However, these figures mean that businesses are growing. The demand for dollars is rising, and transaction volumes are increasing.”
He added that increased demand for foreign currency places pressure on the bank’s dollar flow and said efforts are needed to secure additional foreign currency.
According to figures released by BML last week, the bank sold USD 296 million for outward remittances and foreign transactions by the end of April this year. In comparison, total dollar sales for all of last year stood at USD 566 million.
The data showed that average monthly dollar sales reached USD 74 million during the first four months of this year, compared to a monthly average of USD 47 million in 2025.
BML also facilitated USD 160 million in debit and credit card transactions by the end of April, compared to USD 390 million during the whole of last year. Monthly card transaction averages increased from USD 33 million last year to USD 40 million this year.
For Telegraphic Transfers (TTs), the bank provided USD 136 million by the end of last month, averaging USD 34 million per month. Last year, total TT transactions amounted to USD 175 million, with a monthly average of USD 15 million.
As demand for foreign currency continues to exceed inflows, BML has introduced daily spending limits on Maldivian Rufiyaa debit and credit cards used for foreign transactions. The bank has also imposed a monthly limit of 30 e-commerce transactions per customer.
