Bank of Maldives (BML) has introduced a new service titled "Investments" aimed at increasing dollar inflows into the bank.
The initiative allows individuals to exchange US dollars for Maldivian Rufiyaa while earning a substantial profit.
The service was launched by BML’s Chief Operating Officer, Mohamed Shareef, during a "Chat with CEO" event held for the bank's media partners at Hotel Jen.
According to Shareef, the purpose of this service is to alleviate the ongoing dollar liquidity challenges faced by the bank, specifically to secure the foreign currency required to facilitate card transactions.
Under the BML Investment service, investors provide US dollars at the official Maldives Monetary Authority (MMA) rate of MVR 15.42. The bank utilizes these funds to process fee-generating card transactions. Once these transactions are completed, the bank credits a 25 percent return to the investors in Maldivian Rufiyaa.
Shareef stated that this service would be mutually beneficial for the bank, the investors, and the general public.
"I believe this will serve as a vital resource, allowing the bank to continue facilitating card transactions without interruptions or additional budgeting constraints," he said.
By providing the exchange at the official rate and adding a 25 percent profit margin in Rufiyaa, the effective exchange rate for the invested dollars amounts to MVR 19.30 per USD.
