The Bank of Maldives (BML) announced on Sunday that it has sold USD 73 million in Telegraphic Transfers (TT) to businesses over the past eight months.
This figure already exceeds the USD 69 million sold for TTs to businesses in the entirety of last year.
The bank has also reported an increase in the amount submitted for TTs this year, with a rise of 30 to 50 percent.
Effective June 30, BML increased the bank rate for TT transactions for small and medium enterprises by up to 30 percent.
As part of our support for businesses, dollar support provided for international payments have increased this year. pic.twitter.com/Qoi0HtHBsD
— Bank of Maldives (@bankofmaldives) September 7, 2025
Telegraphic transfer services are widely utilized by Maldivians to send dollars to citizens residing abroad for various reasons and for conducting international business.
To enhance service efficiency, BML extended its TT processing time in 2023. Under this change, TT applications submitted before 14:00 each day are now processed on the same day.