Foreign currency disbursed abroad through the Bank of Maldives (BML) reached USD 2.86 billion during the first nine months of 2026, underscoring substantial external demand for basic merchandise imports, corporate procurement, overseas education, and specialized healthcare.
Financial data released by the national bank and reported by Edition.mv shows that foreign currency allocations spanned commercial import letters of credit, customer telegraphic transfers, electronic commerce transactions, and essential overseas travel support. While the nine-month total reflects elevated domestic consumption of imported goods, third-quarter outflows registered a six percent decline compared to September 2025 levels.
A detailed breakdown of the disbursements highlights diverse demand pressures across the economy:
Electronic and retail card payments: USD 336 million was disbursed via debit and credit cards, averaging approximately USD 37 million monthly on rufiyaa-linked cards utilized overseas. E-commerce purchases accounted for 62 percent of this category (USD 208 million), while point-of-sale retail spending abroad totaled USD 93 million and international ATM cash withdrawals amounted to USD 34 million.
Telegraphic Transfers (TTs): Commercial and corporate telegraphic transfers reached USD 224 million between January and September, already surpassing total TT volumes disbursed during the entire year of 2025 by 28 percent.
Travel and pilgrimage cash: Disbursed physical cash for outbound travel totaled USD 86 million, including USD 5.8 million specifically arranged for pilgrims undertaking Hajj and Umrah in Saudi Arabia.
Education and healthcare: The bank allocated USD 40 million to support Maldivian students enrolled in academic institutions abroad, averaging USD 4.4 million per month. Medical remittances totaled USD 33 million, more than double the USD 14 million disbursed for medical purposes across all of 2025.
BML stated that managing foreign exchange allocations remains essential to sustaining national supply chains and essential citizen services while navigating broader fiscal pressures. Further banking notices are accessible at bankofmaldives.com.mv.
