The Bank of Maldives (BML) has defended its newly launched USD‑investment product, rejecting allegations that it strengthens the black market for foreign currency.
BML has insisted that the “investment pool” – which lets customers deposit USD and earn up to a 25 percent return the next day – is conducted in full compliance with banking laws and Maldives Monetary Authority (MMA) regulations.
Customers’ dollars are placed in the pool during banking hours and immediately credited to their accounts where the funds are then used to finance e‑commerce transactions. BML charges a 30 percent fee on those platform trades and deducts 5 percent for administrative costs, with the remainder paid out as returns to investors.
The bank emphasised that the product is designed to meet existing e‑commerce demand and is limited to a budget allocated for that purpose.
BML’s Director of Financial Strategy and Planning Abdulla Hassan told PSM News that the pool will not alter the overall supply or demand for dollars in the Maldives, and that the bank does not expect the black‑market exchange rate to be affected.
“Even if the market equilibrium is MVR 20, aggregate dollar demand and supply will hardly change,” he said.
BML, a publicly listed institution, stressed that all transactions are carried out in line with the rules of the Capital Market Development Authority (CMDA).