BML increases daily spending limits for selected overseas websites

Bank of Maldives (BML) has increased the daily transaction limits available to customers using Maldivian rufiyaa (MVR) cards to make purchases on selected overseas websites.

The bank had previously introduced restrictions on spending at a number of online shopping platforms after demand for foreign currency exceeded its dollar inflows.

Following the launch of its new dollar investment products this week, BML has increased the daily allocation available for websites commonly used by Maldivian customers.

Previously, the daily allocation for these platforms was often exhausted shortly after the start of the day, preventing many customers from completing transactions. On Wednesday evening, customers continued to make purchases on the affected platforms after the higher limits came into effect.

BML spokesperson Mohamed Saeed confirmed that the daily allocation had been increased.

"Previously, because that limit was low, only a few customers were able to utilise it. Now that the daily allocated amount has been increased, more customers will be able to benefit from this limit," he said.

The bank introduced restrictions on foreign transactions after demand for US dollars exceeded the amount of foreign currency it received.

According to BML:

The bank has said it expects pressure on foreign currency availability to ease following the introduction of its new dollar investment product, which was launched on 30 June.