BML card transactions rise 231% since 2021

Foreign currency transactions conducted through Bank of Maldives (BML) cards have increased significantly over the past five years, according to figures released by the bank.

The data shows that average monthly foreign currency transactions have risen from USD 15.3 million in 2021 to USD 50.7 million so far in 2026.

The year-by-year monthly averages are:

According to the bank, the number of customers using its services has also increased during the same period. Active customer numbers have grown by an average of 144% since 2021.

As a result, the total value of monthly foreign currency transactions conducted through BML-issued cards has increased by 231% over the period.

The bank's figures indicate that the average monthly foreign currency expenditure per customer currently stands at USD 167.

Data released by BML shows that online purchases from overseas websites account for the largest share of card transactions. Cash withdrawals from overseas automated teller machines (ATMs) represent the second-largest category of spending.

The increase comes amid continued demand for foreign currency from cardholders.

BML has previously introduced measures to manage demand for US dollars, including limits on foreign e-commerce and online transactions conducted through Maldivian rufiyaa-linked cards.

The bank said demand for foreign currency continues to exceed the amount of liquidity available to it.

However, BML has indicated that it is working on changes to its current foreign e-commerce transaction limits. According to the bank, customers are expected to see the outcome of those changes before the end of the month.

The figures reflect the growing use of cards for international purchases, travel-related spending and other foreign currency transactions by BML customers.