BML allocates average of $3 million monthly for medical needs
According to Saeed, BML allocated an average of USD 1 million per month for medical purposes last year.
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Bank of Maldives (BML) allocated an average of USD 3 million per month for medical expenses during the first seven months of this year, according to the bank's Head of Brand and Marketing Strategy, Mohamed Saeed.
Saeed disclosed the figures on Monday night during the "Both Sides of the Economy" programme organised by the Ministry of Economic Development and Trade and broadcast on PSM.
According to Saeed, BML allocated an average of USD 1 million per month for medical purposes last year. The monthly average has increased to USD 3 million during the first seven months of this year.
He also provided figures on foreign currency allocations for education.
BML allocated an average of USD 3 million per month for education last year, with the same monthly average maintained this year, Saeed said. In the preceding year, the bank allocated an average of USD 3.6 million per month for education.
Saeed said BML currently sells an average of USD 2.7 million per day. The figure includes foreign currency used for card transactions and Telegraphic Transfers (TTs).
According to Saeed, the bank has sold USD 570 million at the official exchange rate so far this year.
The official bank exchange rate is MVR 15.42 per US dollar.
Saeed also said BML had issued USD 270 million in loans denominated in US dollars.
Dollar withdrawals through BML's ATM network average about USD 1.2 million per day, according to the figures presented during the programme.
"This is a general average. However, it is worth noting that the figure over the last six months was higher. Over approximately the past six months up to June, around USD 188 million was withdrawn from the ATMs," Saeed said.
He said the bank receives between USD 600,000 and USD 700,000 per day on average in US dollar deposits.
According to Saeed, US dollar withdrawals have nearly doubled, while the volume of dollar deposits received by the bank remains below daily withdrawals.
The figures were disclosed during a discussion on foreign currency availability, the banking system and the parallel foreign exchange market in the Maldives.
