Following the Maldives Monetary Authority’s (MMA) decision to increase foreign currency support to commercial banks, the Bank of Maldives (BML) has announced that it will raise the limit for dollar allocations for Telegraphic Transfers (TTs) over the next three weeks.
In the first seven months of this year, BML facilitated over $186 million for TTs, representing a significant increase compared to the previous year. The bank, which has provided a total of $570 million for various foreign exchange requirements so far this year, emphasized that its primary objective is to sustainably balance customer demands with the bank’s overall foreign currency liquidity.
