Economic Minister Mohamed Saeed has said rising US dollar transactions through Bank of Maldives reflect growing business activity in the Maldives.
Speaking at a press conference at the President’s Office, Saeed responded to concerns over foreign currency shortages faced by businesses. Referring to BML statistics, he said outward remittances and foreign transactions have increased significantly compared to last year.
He said the rising demand for dollars and higher transaction volumes indicate business growth, while also placing pressure on foreign currency availability in the market.
According to BML figures, the bank sold USD 296 million for outward transactions by the end of April this year, with monthly averages increasing notably compared to 2025. Card transactions and Telegraphic Transfers (TTs) also recorded higher monthly volumes.
As demand for foreign currency continues to rise, BML has introduced spending limits on Maldivian Rufiyaa cards used for overseas transactions and e-commerce purchases.
