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President Mohamed Muizzu says Maldivian small and medium-sized businesses will be able to receive US dollar payments from international customers and pay for overseas subscriptions through BML’s gateway from November 1.
Mariyam Adheela
MALÉ, Maldives: Maldivian small and medium-sized enterprises (SMEs) selling goods and services to international markets will be able to receive payments in US dollars through Bank of Maldives (BML) Gateway from November 1, President Mohamed Muizzu has announced.
The new arrangement is intended to make it easier for local businesses to receive payments from customers around the world, opening up more opportunities for Maldivian entrepreneurs in international markets.
President Muizzu said the system would allow Maldivian businesses to receive dollar payments from anywhere in the world through BML Gateway.
He also said businesses would be able to use the funds received to pay for overseas goods and services through card payments and remittances, making international transactions easier.
The arrangement will also enable businesses to pay for subscriptions and other services they use in their operations, starting on the same date.
According to the President, these changes are expected to reduce barriers faced by businesses in the SME sector and help increase their income and profitability.
The initiative is aimed at supporting Maldivian businesses that sell products and services internationally by making it easier to receive and use foreign-currency payments.
