The Bank of Maldives (BML) has introduced a new investment platform that allows customers to invest in US dollars and earn returns of up to 25 percent, marking the bank’s latest effort to strengthen foreign currency inflows while expanding investment opportunities for the public.
The new service, branded “Investments by BML,” was unveiled on Tuesday during the bank’s “Chat with the CEO” session held at Hotel Jen. Speaking at the event, BML CEO Mohamed Shareef said the platform enables any BML customer to invest in US dollars and receive returns through a fully digital process.
According to Shareef, the initiative is designed not only to provide customers with a new investment option but also to help the bank attract additional US dollar liquidity to support its growing foreign currency requirements.
The platform went live on Tuesday and is available through a dedicated investment portal within BML Internet Banking. Customers can also access the service via the BML mobile application.
Under the scheme, customers investing US dollars will receive a 25 percent return. The equivalent value in Maldivian Rufiyaa is credited immediately at an exchange rate of MVR 15.42 per US dollar, while the investment return is deposited into the customer’s account once the transaction is completed.
For example, a customer investing USD 2,000 would receive MVR 30,840 immediately at the prevailing exchange rate of MVR 15.42 per US dollar. With a 25 percent return, the total payout would amount to MVR 38,550 upon completion of the investment.
Shareef also noted that increasing the bank’s US dollar reserves through the platform is expected to create greater flexibility in the future, including potential improvements to the daily foreign spending limits currently applied to bank cards.
