BML Dollar Outflows Rise a Third as Transfer Delays Hit Customers

Bank of Maldives reported a 33.33 per cent increase in dollar outflows as customers faced delays in telegraphic and interbank dollar transfers, with US$653 million in dollar sales recorded through August.

In its 19 September statement, the bank put average monthly sales at US$81.6 million.

BML attributed the disruption to a temporary mismatch between dollar supply and demand. It said the delays did not indicate weakness in its balance sheet and forecast that processing times would return to normal by the end of the following week.

That timetable was the bank's forecast on 19 September. Its statement did not say that all pending transfers had been completed.

BML's earlier card announcement said its customers used MVR cards on more than 40,000 international e-commerce platforms. It put average daily transactions this year at more than 20,000.

The bank said demand for dollars to settle that spending had exceeded the liquidity available through its funding channels. It linked that pressure to delays in other foreign currency services, including telegraphic transfers.

The bank has separately introduced limits for international online purchases made with its rufiyaa cards. The controls took effect on 13 September, with an overall monthly allocation of up to US$16 million.

The allocation includes US$6 million for travel and accommodation, US$3 million for the top 150 e-commerce merchants and US$3 million for essential subscriptions and other vital services.

Social media platforms receive a US$1.5 million allocation and other merchants US$1.8 million. These are shared category budgets, rather than individual customer allowances.

Health and education payments are outside the merchant and category caps but remain within the overall monthly budget, with a separate buffer. Travel purchases are limited to three transactions per customer over three months.

BML said it would review transaction volumes, customer spending patterns and available foreign currency, and adjust allocations when circumstances permitted.

Daily category limits reset at 7am. The card announcement concerns international e-commerce transactions on BML MVR cards.

Bank rejects link to government repayment

In a separate statement on 19 September, BML denied financing the government's final US$50 million Treasury bill repayment to State Bank of India.

The bank said the payment had not used customer deposits, its own resources or other BML funds. It identified the Sovereign Development Fund as the source of the government's repayment and said the transaction had not affected its financial position or banking operations.

The payment on 17 September completed settlement of a US$150 million SBI facility obtained in 2019, following two earlier US$50 million repayments.

BML's September announcements followed an expansion in physical banking services earlier this year. On 1 April, the bank launched branches on six islands and 90 additional ATMs.

The ATM rollout comprised 70 dollar machines and 20 rufiyaa machines. At the launch, the President's Office said the programme followed the completion of self-service banking access across all inhabited islands in October 2025.