Bank of Maldives (BML) has started paying returns in US dollars under its foreign currency investment scheme.

The scheme, launched on 30 June, allows customers to invest in a range of investment pools through the bank's mobile app and internet banking platform.

Under the scheme, the investment amount is deducted from the customer's rufiyaa account and converted into US dollars. Returns are now paid in US dollars, while the principal amount is converted back to rufiyaa at the official exchange rate when the investment matures.

BML said the investment pools offer different return rates, with potential returns of up to 25 per cent.

The bank said the update further enhances its foreign currency investment service by enabling both investment returns and profits to be paid in US dollars.