Bank of Maldives (BML) has disclosed that it sold an average of $74 million per month to meet customer needs during the first four months of this year. This marks an increase of $27 million compared to the monthly average of the previous year. The Bank’s CEO, Mohamed Shareef, stated that reports suggesting a dollar shortage within the bank are unfounded, emphasizing that the bank continues to manage its foreign currency inflows effectively to ensure essential requirements are met without disruption.
Regarding the bank’s financial standing, BML holds more than half of the total deposits within the Maldivian banking system. Notably, 46% of the bank’s deposits are in US Dollars, a significant portion of which is invested as loans within the tourism sector. The bank currently provides dollars for students residing abroad, as well as for medical and travel purposes, under established limits. Furthermore, the bank has decided to introduce a special student card with a $1,200 limit specifically for students under the age of 18 living overseas.
