MIB restricts dollar limits for select e-commerce platforms

Maldives Islamic Bank (MIB) has restricted the use of its Rufiyaa card dollar limits on certain e-commerce websites.

The bank stated that this change was implemented because some customers were utilizing the limits allocated for essential purposes for other types of transactions.

In an announcement, Maldives Islamic Bank (MIB) stated that the dollar limits previously allocated to its Rufiyaa cards were intended solely for essential purposes. However, the bank noted that over the past few days, it has observed some customers utilizing these limits for non-essential transactions.

Consequently, Maldives Islamic Bank (MIB) has announced an immediate suspension of dollar limits for certain commercial websites. The bank stated that this decision was made to prioritize and ensure the sustainable fulfillment of customers' essential needs.

According to the Maldives Islamic Bank (MIB), customers will now be limited to a maximum of 10 transactions on foreign e-commerce sites. Despite this change, the bank confirmed that payments for subscription services will remain unaffected.

Furthermore, MIB stated that the $250 limit can be utilized for transactions at overseas POS terminals, as well as for various expenses related to medical services and holiday travel.

Following the implementation of these controls by MIB, the Bank of Maldives (BML) has also significantly reduced the dollar transaction limits on its local currency cards since the current administration took office.

It is noted that the changes made by banks to dollar limits are a direct response to the worsening foreign exchange shortage in the Maldives. Since the current administration took office, the scarcity of dollars has intensified, making it increasingly difficult to obtain foreign currency through banks. Consequently, the government has faced significant public criticism over the ongoing crisis.