BML caps daily online spending to protect essential forex
While acknowledging that large numbers of e-commerce payments typically boost the bank’s earnings, BML stressed that current liquidity pressures make these steps vital to preserve foreign currency for critical economic needs. The bank intends to consistently evaluate and modify MVR card limits as the supply of foreign currency fluctuates.
BML reported a 16.1 percent increase in revenue to MVR 5.5 billion in 2025. | Bank of Maldives
The Bank of Maldives (BML) has provided an in-depth explanation regarding its updated procedures for handling international e-commerce and digital retail payments made through Maldivian Rufiyaa (MVR) cards.
These adjustments stem from a dip in visitor numbers linked to geopolitical changes in the Middle East, a trend that has limited the amount of foreign currency the institution is able to acquire.
The country’s national bank noted that it currently processes about USD 1.33 million every day for payments tied to MVR-based accounts. Because the appetite for foreign currency to cover these purchases regularly outpaces the bank’s incoming supply, BML has reinforced its internal systems to focus on and protect foreign exchange for the primary needs of the general public.
As part of the revamped framework, the total daily amount of foreign currency set aside for web-based retail shopping will be governed by a specific daily cap. If this threshold is hit, shoppers may find transactions on certain retail websites blocked for the rest of that day. However, the bank confirmed that many other digital platforms will continue to operate as usual. Users will be alerted through the BML Mobile App whenever these spending caps are met.
Further, the institution clarified that any cards connected to USD accounts are exempt from these restrictions and will operate without limits. These modifications also do not impact the specialized allowances previously established for citizens living abroad or students enrolled in foreign institutions.
Students who are currently utilizing their parents' cards from inside the Maldives have been provided a three-month window to secure their own student cards, during which time they may continue using their parents' accounts.
While acknowledging that large numbers of e-commerce payments typically boost the bank’s earnings, BML stressed that current liquidity pressures make these steps vital to preserve foreign currency for critical economic needs. The bank intends to consistently evaluate and modify MVR card limits as the supply of foreign currency fluctuates.
