Bank of Maldives Unveils High-Yield US Dollar Investment Programme to Fuel Foreign Currency Growth

Bank of Maldives (BML) has officially launched a new US Dollar Investment offering, enabling customers to earn competitive returns of up to 25 percent on their US dollar holdings while supporting the bank's capacity to meet growing cross-border transaction demands.

The innovative investment product, available through both the BML Mobile App and Internet Banking, allows customers to invest their US dollars in curated investment pools with varying return rates. Upon investment, customers receive the equivalent value in Maldivian Rufiyaa (MVR) instantly credited to their accounts, with profits deposited on the following business day.

Speaking at the launch ceremony, BML's CEO and Managing Director, Mohamed Shareef, highlighted the unprecedented growth in foreign currency demand driven by Maldivians' increasing participation in global digital commerce.

Over the past five years, the volume of US dollars sold for debit and credit card transactions relating to overseas purchases and services has increased 3.7-fold, reaching an average of USD 39.3 million per month this year, Shareef said. 

During the same period, the number of customers using these services has more than doubled. Today, between 250,000 and 300,000 customers make foreign transactions every month using their MVR cards.

The CEO emphasised that this surge reflects the nation's rapid adoption of digital innovation, with advances in digital payment systems, the expansion of global online marketplaces, and significant improvements in telecommunications and logistics making international shopping more accessible than ever before.

This growth also reflects the continued advancement of the Maldivian economy, particularly in digital banking and financial services. As prosperity increases, Maldivians are increasingly able to participate in the global digital marketplace, he added.

The launch comes as BML faces mounting pressure to sustain foreign currency liquidity. Over the past 36 months, the bank has sold around USD 1.6 billion to meet personal foreign currency requirements and business transactions, with nearly 60 percent allocated specifically to card payments.

The card business is highly profitable for the bank, and growth in card transactions directly contributes to our profitability. However, our ability to facilitate these transactions depends on our US dollar income and the foreign currency we are able to acquire, Shareef explained. 

As demand continues to grow each month, sustaining these volumes of dollar sales becomes increasingly challenging. Nevertheless, we do not wish to introduce measures that would disrupt or restrict a service relied upon by such a large segment of our customers.

The new investment model aims to create a sustainable ecosystem where investors, card users, and the bank all benefit. By encouraging customers with US dollar income to invest in these high-yield pools, the bank can utilise the funds to facilitate e-commerce retail transactions and other fee-generating activities, with returns distributed to investors after operational costs are deducted.

This allows the Bank to secure the foreign currency needed to meet the essential needs of our customers, including card payments, e-commerce transactions and the import of goods. The result is a sustainable ecosystem that delivers value to investors, customers and the Bank, Shareef added.

The launch event featured a live demonstration of the US Dollar Investment offering, allowing media representatives and attendees to experience the fully digital investment process. The product is now available to all BML customers through the enhanced Mobile App and Internet Banking platforms.