Bank of Maldives Reports Tripling of Monthly Medical Dollar Allocations Amid Soaring Foreign Exchange Demand
The Bank of Maldives (BML) has recorded a dramatic threefold increase in foreign exchange allocations for overseas medical treatment during the first seven months of 2024, reflecting surging national demand for essential foreign currency.
Speaking on the economic focus program "Ightisaadhuge Dhefaraiy," BML Head of Brand and Marketing Strategy Mohamed Saeed emphasized that medical treatment and overseas education remain the primary priority sectors for the national bank's foreign exchange distribution.
According to figures disclosed by Saeed, monthly dollar allocations for medical care surged from a monthly average of 1 million USD last year to over 3 million USD per month during the first seven months of 2024. In contrast, foreign exchange assistance for education has maintained a consistent trajectory over the past three years, with BML releasing an average of 3.8 million USD monthly in 2023 and 3.6 million USD per month so far in 2024.
Across all operations, BML is currently releasing an average of 2.7 million USD daily to meet domestic demand through card transactions and Telegraphic Transfers (TTs). During the first six months of 2024 alone, the bank sold 570 million USD to customers and disbursed an additional 270 million USD in foreign currency loans to support local businesses.
Total foreign currency sales to customers from January to June 2024 reached 1.7 billion USD. This represents a substantial 77 percent surge compared to the 957 million USD distributed over the two-and-a-half-year period from July 2021 to December 2023, underscoring unprecedented growth in local dollar liquidity demands managed by the bank.