Bank of Maldives (BML) released nearly USD 2 billion over the past 30 months to meet foreign exchange demand, Minister Mohamed Saeed said.
Corporate Maldives reported on 6 October 2026 that Saeed presented the figures at the government’s Ahaa public forum. The Minister of Economic Development, Transport and Trade outlined dollar allocations amid continuing shortages.
Saeed said roughly USD 2 billion of a USD 3 billion total covering 2021 through projected figures for 2026 was released during those 30 months. He described a 63 per cent increase in foreign exchange provided for telegraphic transfers (TTs) and wider market needs.
The report did not specify the comparison period for that percentage. The broader USD 3 billion figure includes projections, rather than only completed disbursements.
Commercial demand accounted for much of the increase, according to Saeed. He said BML provided USD 213 million for trade-related TTs at the official exchange rate so far in 2026. That compared with USD 130 million in 2022 and USD 122 million in 2023.
Average monthly TT allocations rose from USD 10 million to USD 27 million, he said, although the report did not identify the periods being compared. Allocations for foreign card transactions increased from USD 161 million in 2022 to USD 304 million in 2026.
Saeed also discussed the Maldives Monetary Authority’s requirement for tourism businesses to surrender foreign exchange. He said the mandatory share had increased from 20 per cent to 40 per cent.
According to the minister, the initial requirement had produced positive market signals. He expected the full effect of the higher threshold to become apparent later in October.
BML also continued to allocate dollars at the official rate for overseas higher education, medical treatment abroad, and Hajj and Umrah travel, Saeed said.
Separately, he said the government had settled USD 1.4 billion in foreign debt, describing it as the largest repayment in the country’s history. The report did not give a repayment period or a breakdown of the debt.
Saeed said his ministry was working closely with the central bank on foreign exchange stability. The supplied material did not include underlying bank data or independent confirmation of the figures.
