Statistics from the Bank of Maldives (BML) show that the bank sold a total of USD 345 million (more than MVR 5 billion) during the first five months of this year.

According to BML's figures, out of the dollars sold over the past five months, USD 147 million was allocated to businesses, while USD 198 million was sold for card transactions.

During this period, the bank sold an average of USD 69 million per month for businesses to send money abroad and for card transactions. Compared to last year's average of USD 47 million per month, this represents an increase of 47 percent per month.

The figures indicate that the volume of dollars sold to businesses for importing goods increased significantly over the past five months. Specifically, while an average of USD 15 million was sold per month last year, that figure rose to USD 29 million per month during the first five months of this year. This is an increase of approximately twofold.

In addition, the amount sold for debit and credit card transactions also increased this year to USD 40 million from USD 33 million, representing a 21 percent growth.

By the end of last month, BML had sold dollars for 45,764 TTs, and 3.1 million transactions were made in dollars using cards linked to Maldivian Rufiyaa accounts.

BML stated that the bank always prioritizes providing the foreign currency required for the needs of businesses and individuals. The bank also noted that its Net Open Position by the end of last month stood at a short position of 6.6 percent.

Although this is a level maintained within the limits mandated by the regulations of the Maldives Monetary Authority (MMA), it is a position that highlights that the bank sold USD 69 million more than the amount of dollars it managed to purchase.