BML Projects USD 30 Million Rise in Dollar Sales Compared to Last Year

The Bank of Maldives (BML) expects its card-related foreign currency sales to exceed last year’s figures by approximately USD 30 million, driven by an unprecedented surge in overseas transactions and growing demand across essential sectors.

Official figures from the national bank reveal that total card sales reached USD 304 million by August this year. This trajectory puts the financial institution on track to surpass the record USD 390 million recorded across the whole of last year.

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Speaking on Public Service Media’s Raajje Miadhu programme, BML Head of Brand and Marketing Strategy Mohamed Saeed highlighted the massive operational scale, noting that roughly 270,000 BML customers conduct online transactions every month. From January to August of this year, card transactions alone averaged USD 38 million monthly. Furthermore, the bank allocates a dedicated monthly fund of USD 81 million to safeguard uninterrupted access to foreign currency for health and education payments across all sectors.

Addressing foreign exchange constraints, Saeed emphasised that the bank can only sell dollars relative to the volumes it acquires. To navigate escalating market demand without reducing total card spending allowances, BML has introduced specific measures for foreign e-commerce channels.

Under the framework, BML maintains a USD 250 monthly limit on debit cards for standard spending, alongside a USD 1,000 limit when customers travel abroad. Personal and corporate credit cards, as well as personal and business debit cards, remain governed by designated thresholds. The bank has categorised international online merchant spending into five primary areas: retail businesses, social media platforms, hotel bookings and travel, subscriptions for essential services, and education and healthcare.

The e-commerce spending limits reset daily at 07:00am, prompting intense immediate transaction volumes. Saeed notes that approximately 70 transactions occur within the first second of the morning reset, driven heavily by platforms such as Temu, Alibaba, Apple, and Amazon. The bank applies a 30 per cent surcharge on the top six most frequently used online merchants and maintains a dynamic monitoring list of the 150 most frequently accessed global merchants.

To curb misuse of the USD 3,000 debit card travel allowance—where individuals frequently purchase tickets and services for third parties—the bank has implemented a structural update. Between September and November of this year, travelers can execute three designated travel transactions over the three-month window.

Furthermore, BML has positioned medical care and higher education as top priorities, with online medical transactions averaging USD 3.3 million monthly this year. For students abroad, the bank maintains a dedicated student card limit of USD 1,200 for point-of-sale and ATM operations without charging an Optional Issuer Fee, whilst coordinating local currency payment channels for tuition fees and transferring stipends directly to overseas accounts of the students.