Bank of Maldives Launches INR Accounts from August 1 — A National First

 


In a historic move, the Bank of Maldives (BML) will begin offering Indian Rupee (INR) accounts starting August 1, marking the first time such a service is available in the country. The introduction of INR-denominated accounts aims to strengthen trade, tourism, and economic ties between the Maldives and India, one of its key partners.

This initiative will allow individuals and businesses in the Maldives to directly hold and transact in Indian Rupees, enhancing financial convenience and reducing currency conversion costs. The move is expected to particularly benefit Maldivian importers, Indian workers, and tourists from India, who constitute a significant portion of the country's visitors.

The launch of INR accounts reflects growing financial cooperation between the two nations and positions the Maldives as a regional leader in currency diversification.

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