Shahid claims USD transaction shift is a deceptive move to burden the public

President of the main opposition Maldivian Democratic Party (MDP) Abdulla Shahid has criticized the decision to raise the Bank of Maldives (BML) foreign currency card limit to USD 500, calling it a deceptive move aimed at extracting more money from the public rather than providing genuine relief to citizens.

Taking to social media platform ‘Facebook’, Shahid revealed that due to the new 30 percent fee imposed on transactions made with Maldivian Rufiyaa debit cards for e-commerce, the USD rate for purchasing goods online is actually higher than the black market rate.

He added that this is not just a foreign currency issue, but a result of the government's failure to secure foreign financing and responsibly manage reserves, leading the national bank of the island nation to profit from the financial constraints.

Further, Shahid stressed that this is a shift of economic burden onto ordinary Maldivian families instead of reform, resulting in loss of equality and narrowing opportunities to access global goods. Shahid noted that this change paves the path to further worsening of the cost of living situation.

The country’s national bank abruptly announced through a statement on Monday that starting from Tuesday, a 30 percent fee would be charged for transactions on sites like Shein, Temu, and others, where Maldivians conduct most of their online shopping.

With BML's decision to charge a large fee for transactions on popular online shopping sites, many people have directed criticism towards both the government and BML. Many are saying that the bank is trying to mislead the public by claiming that card limits have been increased to USD 500.