BML sets $16 million monthly limit for overseas online transactions
Bank of Maldives (BML) has introduced new limits on overseas e-commerce transactions made using rufiyaa-denominated cards, citing rising dollar outflows and pressure on its foreign currency reserves.
In a statement issued on Saturday, BML said Maldivians currently make more than 20,000 transactions a day across more than 40,000 international e-commerce platforms.
The bank said the increase in online spending had resulted in dollar outflows exceeding the foreign currency it receives, placing pressure on its dollar reserves and contributing to delays in providing services such as telegraphic transfers.
To address the issue and prioritise foreign currency for essential goods and services, BML has set an overall monthly limit of USD 16 million for overseas e-commerce transactions made using rufiyaa cards.
Daily limits have also been introduced for different transaction categories.
BML said the daily limits will reset at 7am each day. If the daily allocation for a particular category or merchant is exhausted, transactions can resume after the limit resets the following day.
Customers holding dollar-denominated cards will not be subject to the new category limits, the bank said.
Of the USD 16 million monthly allocation, USD 3 million will be assigned to around 150 frequently used shopping platforms, including Temu, Alibaba, Amazon and Apple. Spending under this category will be capped at USD 100,000 a day.
Social media platforms, including Meta and TikTok, will have a monthly allocation of USD 1.5 million and a daily limit of USD 50,000.
Travel and hotel bookings will receive the largest allocation, at USD 6 million a month, with a daily limit of USD 200,000.
BML has allocated USD 3 million a month for essential subscriptions, with a daily ceiling of USD 100,000.
Other merchants will receive a combined monthly allocation of USD 1.8 million, with a daily limit of USD 60,000.
For travel and hotel bookings, each customer will be allowed a maximum of three transactions within a three-month period.
BML said the measure was intended to ensure customers could continue to access foreign currency for their own travel needs.
The bank said there will be no separate category limit for health and education-related transactions. These payments will be accommodated within the overall USD 16 million monthly allocation.
BML said it would also maintain a dedicated buffer to ensure health and education payments continue without interruption.
The bank said the new limits were not permanent and would be reviewed periodically based on customer spending patterns and the amount of foreign currency available to the bank.
“The main objective is to reduce dollar outflows for non-essential purposes and ensure that foreign currency remains available for the most important needs of the public,” BML said.
