Economic Minister Mohamed Saeed has said that foreign currency transaction data indicates a rise in trade activity in Maldives.

Speaking at a press briefing at the President’s Office, Minister Saeed said the volume of US dollars issued by the Bank of Maldives (BML) through telegraphic transfers (TTs) has doubled compared to last year.

According to figures provided by BML, USD 136 million has been disbursed via TTs so far this year, compared with USD 175 million for the whole of last year.

“So far this year it is about USD 34 million per month, compared to around USD 15 million previously for small businesses,” Saeed said. “So TT-related foreign exchange has almost doubled.”

He said businesses carried out 10,838 TTs in January, 10,551 in February, 10,600 in March and 8,955 in April.

Minister Saeed also said credit and debit card usage for foreign transactions has increased, rising from an average of USD 33 million per month last year to around USD 40 million so far this year.

He added that total card transactions stood at USD 390 million last year, compared with USD 160 million so far this year.

“So there are more transactions than before. That means there is more trade,” he said.

The minister said BML had raised concerns about businesses making large numbers of TTs to access more foreign currency. He said the bank would take action if such patterns were identified and may adjust its policies accordingly.

Saeed added that it was “natural” for the banking system to face challenges in meeting foreign currency demand from businesses.