Bank of Maldives (BML) has launched a new US Dollar Investment product that allows customers to invest their US dollars digitally and earn returns of up to 25 percent, while helping the bank sustain the growing demand for foreign currency services.
The new offering enables customers to invest their US dollar holdings through the BML Mobile App or Internet Banking. In return, they receive the equivalent value instantly credited to their Maldivian Rufiyaa (MVR) account, with investment profits paid into the same account the following day.
According to the bank, invested US dollars will be used to support its commercial operations, particularly fee-generating activities such as international card payments and cross-border transactions, creating a sustainable source of foreign currency while rewarding investors.
Customers can choose from a range of daily investment pools offering different rates of return. Information on available pools and expected returns is updated through the bank’s digital platforms, allowing investments to be completed entirely online.
Speaking at the launch, BML CEO and Managing Director Mohamed Shareef said demand for foreign currency services has surged in recent years, driven largely by the rapid growth of online shopping and digital payments.
He revealed that the volume of US dollars sold by the bank for overseas debit and credit card transactions has increased 3.7 times over the past five years, reaching an average of USD 39.3 million per month this year. During the same period, the number of customers using these services has more than doubled, with between 250,000 and 300,000 customers now making foreign transactions every month using their MVR cards.
Shareef said the growth reflects Maldivians’ increasing participation in global e-commerce, supported by advances in digital payment systems, expanding online marketplaces, and improved telecommunications and logistics.
He added that the trend also demonstrates the broader development of the Maldivian economy, particularly in digital banking and financial services, enabling more people to access international markets.
The CEO noted that card services have become one of the bank’s most profitable business segments, but maintaining them depends on a steady supply of US dollars.
Over the past 36 months, BML has sold around USD 1.6 billion to meet personal foreign currency needs and business transactions, with nearly 60 percent of that amount used specifically for debit and credit card payments.
“As demand continues to grow each month, sustaining these volumes of dollar sales becomes increasingly challenging,” Shareef said, adding that the bank wanted to avoid introducing restrictions on services relied upon by hundreds of thousands of customers.
He said the new investment model was designed to benefit all parties by encouraging customers with US dollar income to invest their funds, allowing the bank to use those dollars to facilitate e-commerce transactions and other revenue-generating activities.
After operational costs are deducted, the income generated is distributed back to investors as returns.
According to Shareef, the initiative will help secure the foreign currency needed for essential services, including card payments, online shopping and imports, while creating a sustainable ecosystem that benefits investors, customers and the bank.
The launch event also featured a live demonstration of the fully digital investment process through the BML Mobile App and Internet Banking, followed by a question-and-answer session where Shareef outlined how the product supports the bank’s long-term strategy to strengthen foreign currency availability in the Maldives.
