Bank of Maldives Launches USD Investment Feature with Returns up to 25%

The Bank of Maldives (BML) has introduced a new 'Investments' feature, allowing customers to invest US dollars (USD) directly through the bank's digital platforms to earn returns of up to 25%. Launched during the 'Chat with CEO' event at Hotel Jen, the service is now integrated into the BML Mobile App and Internet Banking. The platform provides real-time data on active daily investment pools, enabling customers to monitor rates and execute transactions instantly online. Under this new mechanism, customers who invest USD receive the equivalent value in Maldivian Rufiyaa (MVR) immediately. The profits generated from these investments are then credited to the customer's MVR account the following day. BML Chief Executive Officer Mohamed Shareef explained that the initiative creates a sustainable ecosystem that benefits both the investor and the national economy. The bank utilizes the invested USD to fund e-commerce retail transactions and other fee-generating operations. After operational costs are deducted, the earned fees are passed back to the investors as profit. This strategy is designed to bolster the bank's foreign currency reserves, ensuring it can meet the essential needs of its clients, including card payments and goods importation. This move comes amid a significant surge in foreign currency demand within the Maldives. According to BML, the volume of USD sold monthly for international purchases via debit and credit cards has increased 3.7-fold over the last five years. The bank currently sells an average of USD 39.3 million per month to facilitate these transactions, while the number of customers utilizing international card services has more than doubled. By incentivizing USD deposits through high-yielding pools, BML aims to stabilize the availability of foreign currency required for the country's growing digital trade and import requirements.