BML Increases Dollar Allocation for Telegraphic Transfers Over Next Three Weeks

Bank of Maldives (BML) will increase its dollar allocation for Telegraphic Transfers (TTs) over the next three weeks, following the Maldives Monetary Authority’s (MMA) decision to increase foreign currency released to banks during the period.

BML announced the change on Wednesday, saying it had taken into account the additional foreign currency received from the MMA and the volume of TT requests submitted by customers.

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The bank said it released more than USD 186 million to customers for TTs between January and the end of July 2026, averaging USD 27 million per month. This represents an increase of USD 12 million compared with the bank’s average monthly TT allocation last year.

BML also said it had provided approximately USD 570 million for various customer requirements during the first seven months of the year, averaging around USD 2.7 million per day.

The bank said it remains committed to providing foreign currency for individual and business needs, while balancing customer demand with its available foreign currency position.

The MMA recently increased the amount of foreign currency released to commercial banks for a three-week period amid continued pressure on the domestic foreign exchange market.