BML disbursed average of USD 3.8M for education, USD 1M for medicals monthly in 2025

Bank of Maldives (BML) has disclosed that, based on statistics from last year, the bank disbursed an average of USD 3.8 million per month for educational expenses and USD 1 million for healthcare-related needs.

Speaking on Economic Ministry’s "Ithisaadhuge Dhefaraaiy" (Two Sides of the Economy) programme, BML’s Head of Brand and Marketing Strategy Mohamed Saeed emphasized that medical treatment and education are given the highest priority when the bank allocates foreign currency.

Saeed noted that the volume of US Dollar disbursements for education has remained relatively consistent over the past three years. In 2023, the monthly average was USD 3.8 million, while the average for 2024 to date stands at approximately USD 3.6 million per month. He said the figures reflect the bank’s continued commitment to supporting the education sector.

In the healthcare sector, the bank disbursed an average of USD 1 million per month for medical treatment last year. However, statistics for the first seven months of 2024 indicate that the figure has increased significantly, surpassing USD 3 million per month.

Saeed also revealed that BML currently sells an average of USD 2.7 million in foreign currency each day, encompassing card transactions and Telegraphic Transfers (TTs). During the first six months of this year alone, the bank sold USD 570 million and provided USD 270 million in loans to businesses.

According to BML’s data, the bank sold a total of USD 1.7 billion to customers between January and June 2024. This represents a 77 percent increase compared with the USD 957 million sold between July 2021 and December 2023.