BML changes FX Investment profit payouts to US dollars

The Bank of Maldives (BML) has revised its Foreign Exchange (FX) Investment scheme to offer both the investment amount and returns in US dollars.

The change was announced by BML in a post via its social media accounts on Wednesday.

The bank states that instead of local currency payouts, profits generated from its FX Investment scheme will go into customer accounts in US dollars.

According to BML, this strategic adjustment aims to provide greater financial benefits to investors while expanding the bank's avenues for foreign currency acquisition.

With the change, customers will receive their returns – including the investment amount and profits – in US dollars.

However, upon maturity, the original investment amount must be exchanged into MVR at the official exchange rate.

BML launched its FX Investment scheme back on June 30, offering returns of up to 25 percent.