BML imposes limits on Rufiyaa card spending at select overseas websites
The bank said the move forms part of a wider effort to address pressure on foreign currency supply and rising demand for US dollars.
Bank of Maldives has announced new spending limits for transactions made with Rufiyaa cards on selected international websites.
The bank said the move forms part of a wider effort to address pressure on foreign currency supply and rising demand for US dollars.
Speaking at a press conference on Saturday, BML Chief Executive Officer and Managing Director Mohamed Shareef said some customers were using personal cards extensively for commercial purchases on online platforms.
He said this required the bank to sell substantial amounts of foreign currency, affecting its ability to meet other customer needs.
“When a small number of individuals utilise a disproportionately large amount of dollars, it creates difficulties in providing fair service to others,” Shareef said.
He said transactions on selected sites would now be managed within a daily budget set by the bank.
Platforms named by the bank include Shein and Temu.
Shareef said the bank would also introduce a monthly cap of 30 e-commerce transactions per customer in order to distribute available limits more evenly.
According to the bank, fewer than 3 per cent of customers make more than 30 online transactions each month.
BML said the changes would not affect US dollar cards.
The bank also announced that customers with multiple credit cards would now face a combined foreign currency limit across all cards.
As part of the change, only one annual fee will be charged regardless of the number of credit cards held by a customer.
Shareef said an average of USD 74 million per month had been sold this year for outward remittances and card transactions, while USD 47 million was sold in April.
He added that USD 206 million had been sold against Maldivian Rufiyaa during the first four months of the year.
By the end of April, USD 160 million had been sold for debit and credit card transactions this year, compared with USD 390 million during the whole of last year.
The bank also reported a USD 100 million deficit between net dollar inflows and outflows over the past four months.
BML separately announced a digital integration with Maldives Immigration that will allow overseas ATM and point-of-sale card use only when the cardholder is outside the Maldives.
