- BML expects foreign currency transfer processing times to normalise by the end of next week following a surge in dollar outflows.
- Foreign exchange sold from Rufiyaa accounts rose 33.33 per cent in the first eight months of 2026, totalling USD 653 million, with card transactions the largest share.
- The bank introduced temporary e-commerce restrictions to rebalance currency flows while prioritising essential transfers, and projects annual dollar sales could near USD 1 billion.
The Bank of Maldives (BML) expects the processing times for foreign currency transfers and transactions to return to normal by the end of next week, following a temporary imbalance caused by a sharp rise in dollar outflows.
Figures released by the bank on Saturday show that foreign exchange sold from Maldivian Rufiyaa accounts surged by 33.33 per cent during the first eight months of 2026 compared to the same period last year.
Between January and August 2026, the bank distributed an average of USD 81.6 million per month, bringing total foreign currency sales to USD 653 million by the end of August. BML projected that total dollar sales could reach nearly USD 1 billion by the end of the year if demand continues at the current trajectory.
A breakdown of the monthly figures indicates that card transactions accounted for the largest share of foreign currency expenditure, averaging USD 38 million per month. Telegraphic transfers (TTs) accounted for USD 27 million, while travel allowances for Maldivians travelling abroad used USD 9.4 million per month. A further USD 7.3 million was sold monthly for medical and educational expenses.
According to the bank, the heightened demand for US dollars relative to foreign currency inflows created an operational imbalance, with September traditionally marked by increased foreign exchange pressures. The surge in demand led to processing delays for telegraphic transfers and foreign currency transactions over the past fortnight.
To maintain sustainable foreign exchange management, BML recently introduced temporary restrictions on e-commerce transactions to align overall spending with incoming foreign currency reserves, whilst maintaining priority for essential transfers.
The bank stated that these measures have successfully rebalanced foreign currency flows, paving the way for processing schedules to normalise within the coming week.
BML added that it will continue providing updates to customers through its official channels while maintaining precautionary measures to safeguard the interests of its clients and the wider economy.
