The Bank of Maldives (BML) denied claims it might stop or limit US dollar support for businesses, following local media speculation that tight USD supply could halt telegraphic transfers for importers. The bank said USD support would continue, based on the proportion of dollars in its reserves, with no limits placed so far on TT amounts.
Tracked upwards of MVR 18 Street dollar rate
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
The Bank of Maldives has been providing US dollar support to customers based on the amount of dollars available to the bank at the time. However, this assistance is based on the proportion of dollars in the bank's reserves
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In February 2023, BML lifted some USD restrictions imposed during the pandemic, allowing customers to withdraw US$1,600 per day from ATMs
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and conduct transactions of up to US$3,000 per day with debit cards, sepcifically for customers who had set up USD accounts as their primary debit account.
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The bank continues to sell, as per government directive, US$500 each to overseas travellers.
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While the official selling price of USD has been set at MVR 15.42 by the Maldives Monetary Authority (MMA)
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many are forced to buy USD at higher prices from the parallel market at upwards of MVR 18 per US$1.
Word for word from the report in Maldives Republic. Open the report
In February 2023, BML lifted some USD restrictions imposed during the pandemic, allowing customers to withdraw US$1,600 per day from ATMs and conduct transactions of up to US$3,000 per day with debit cards
Word for word from the report in Maldives Republic. Open the report