BML to raise dollar support for TT payments
Bank of Maldives has decided to increase the amount of dollars it sells for telegraphic transfers, following MMA's move to boost foreign currency supply to banks for three weeks.
By Rishwan Share
Bank of Maldives (BML) has announced it will increase the amount of US dollars it sells for telegraphic transfers (TT), citing the Maldives Monetary Authority's (MMA) recent decision to raise the foreign currency it releases to banks over a three week period.
According to BML, more than 186 million dollars were released to customers for TT transfers between January and July this year, averaging around 27 million dollars a month, roughly 12 million dollars higher than the monthly average recorded last year.
The bank said it has supplied close to 570 million dollars over the past seven months to meet various customer needs, averaging about 2.7 million dollars per day.