Bank of Maldives to Disburse USD Investment Returns in US Dollars

The Bank of Maldives (BML) has updated the payout terms for its high-yield USD investment service, confirming that both the principal and returns will now be disbursed directly in US Dollars. Launched on June 30, the "Investments" service allows the public to place foreign currency into dedicated pools with profit yields reaching up to 25 percent. Under the initial structure, the bank provided the Maldivian Rufiyaa (MVR) equivalent of the USD principal immediately upon deposit, with subsequent profit payouts also issued in MVR. In a recent policy shift announced via social media, BML transitioned to direct USD payouts for both the invested amount and generated profits. However, the bank clarified a key condition: upon the full maturity of the investment, the original principal must be converted back into MVR at the official exchange rate. These high yields are funded through the bank's foreign exchange operations. BML generates these profits from a 30 percent transaction fee imposed last year on purchases made through designated foreign e-commerce platforms, minus a 5 percent administrative margin. This policy update arrives amid an unprecedented surge in demand for foreign currency within the Maldives. BML reported that the volume of USD sold for international debit and credit card transactions has increased 3.7 times over the last five years. Currently, the national bank sells an average of USD 39.3 million per month to support consumer demand for overseas services and e-commerce. This trend is reflected in the user base, as the number of cardholders utilizing international transactions has more than doubled during the same period.