The Bank of Maldives (BML) has clarified that its newly introduced Dollar Investment Pool does not facilitate or encourage black market activities. This investment model is designed to allow individuals to invest US Dollars from their personal accounts and receive the equivalent amount in Maldivian Rufiyaa (MVR) instantly, with a profit of up to 25% credited the following day.
According to the bank, these returns are funded by the surplus from the 30% fee charged on e-commerce platform transactions, after accounting for the bank’s operational costs. BML further highlighted that since this mechanism does not significantly alter the overall supply and demand of US Dollars, it will not have an adverse impact on dollar exchange rates within the black market. Additionally, the bank provides full assurance that all such transactions are conducted in strict compliance with banking laws and the regulations set forth by the Maldives Monetary Authority (MMA).
