- BML released nearly USD 2 billion over 30 months to meet rising forex demand, a 63% increase for TTs and market needs.
- MMA raised the tourism forex surrender requirement from 20% to 40%, with full impact expected later this month.
- The government settled USD 1.4 billion in foreign debt, the largest repayment in the country's history.
The Bank of Maldives (BML) has allocated nearly USD 2 billion over the past 30 months to satisfy the nation’s escalating foreign exchange requirements, according to Mohamed Saeed, the Minister of Economic Development, Transport and Trade.
Speaking at the government’s “Ahaa” public forum, Minister Saeed outlined the administration’s strategic response to ongoing US dollar shortages and noted a significant expansion in official dollar disbursements.
Minister Saeed stated that out of USD 3 billion released at official bank rates between 2021 and projected figures for 2026, BML disbursed roughly USD 2 billion within the last two and a half years alone. He highlighted that this figure represents a 63 per cent increase in foreign exchange issued for telegraphic transfers (TTs) and general market demands.
Commercial requirements have largely driven the higher volumes, according to the Minister. He additionally reported that BML released USD 130 million for trade-related TTs at the official exchange rate in 2022, a figure that dipped slightly to USD 122 million in 2023 before rising sharply to USD 213 million so far in 2026. On a monthly basis, average TT allocations jumped from USD 10 million to USD 27 million, while foreign card transaction allocations expanded from USD 161 million in 2022 to USD 304 million in 2026.
Addressing regulatory policy, Minister Saeed pointed to recent measures by the Maldives Monetary Authority (MMA), which raised the mandatory foreign exchange surrender requirement for tourism businesses from 20 per cent to 40 per cent. The Minister observed positive market signals from the initial 20 per cent threshold and noted that the full impact of the revised 40 per cent rule would become clear later this month.
Minister Saeed also explained that BML continues to provide official-rate dollar allocations for essential public needs, including overseas higher education, international medical care, and travel for Hajj and Umrah pilgrims.
In addition, the Minister confirmed that the government has settled USD 1.4 billion in foreign debt—the largest repayment in the country’s history—and stated that his ministry maintains close cooperation with the central bank to ensure ongoing stability across the national foreign exchange framework.
