BML revises forex investment scheme to pay principal and returns in US dollars

Bank of Maldives (BML) has revised its Forex Investment scheme, announcing that both the principal investment and investment returns under its US Dollar investment pools will now be paid in US Dollars.

The scheme, launched on 30 June, offers a range of daily investment pools with returns of up to 25%.

Under the original arrangement, customers investing US Dollars received the equivalent amount in Maldivian Rufiyaa (MVR) in their MVR account at the time of investment. Investment returns were also credited in MVR on the following day.

In a statement shared on social media on Wednesday, BML said it had updated the product so that both the invested principal and the returns would be credited in US Dollars.

“Enjoy returns in USD – including your investment and profit,” the bank said.

BML added that, upon maturity of the investment, the principal amount must be converted into Maldivian Rufiyaa at the official exchange rate.