Thursday
30th Apr 2026
Dhivehi Edition
Photo: TMJ
The Bank of Maldives has sold more than $100 million in telegraphic transfers (TTs) during the first quarter of this year, reflecting a steady rise in demand for foreign currency.
Speaking at a press conference, CEO and Managing Director Mohamed Shareef stated that the bank issued $106.2 million in TTs between January and March.
He noted that foreign currency disbursement to businesses is increasing, with the monthly average for TT sales reaching $35.4 million in the first quarter.
In April alone, the bank has already sold $27 million through approximately 7,200 TT transactions as of the latest update. Earlier in the week, $2 million was issued across 615 transactions on Monday and Tuesday.
Shareef also highlighted a significant rise in remittances for imports of goods and payments for foreign services, noting that such transfers have doubled during April compared to previous months.
In addition to TTs, foreign currency usage through bank cards has also increased. The bank recorded an average of $40 million in monthly card transactions in the first quarter, up from a monthly average of $32.5 million last year.
The figures indicate continued growth in demand for foreign exchange, driven by business activity, imports, and overseas spending.