The Bank of Maldives has introduced a series of targeted measures to strengthen the allocation of foreign currency, aiming to prioritise essential public needs while curbing misuse of dollar facilities.
At the centre of the reforms is a digital integration with Maldives Immigration, enabling the bank to apply foreign spending limits specifically to card-present Point of Sale transactions conducted overseas. The move allows travellers to continue making legitimate payments abroad without disruption, while tightening controls against unauthorised or abusive usage that violates international card network standards.
The bank has also addressed challenges faced by students studying overseas. Where students rely on a guardian’s card, a dedicated student card will now be issued with an appropriate foreign spending limit. Until issuance, guardians’ cards may be used for a transitional period of up to three months.
Concerns over individuals using personal foreign spending limits for business-related online transactions have prompted further restrictions. BML revealed that significant volumes of US dollars were being concentrated among a small group of users. To broaden access, the bank will introduce a daily cap on dollar sales for such online transactions, while maintaining access for legitimate personal use.
Data analysis showed that fewer than 3 percent of customers conduct more than 30 e-commerce transactions monthly, largely linked to the same high-volume users. As a result, monthly online transaction limits will be capped at 30 per customer to ensure equitable distribution of foreign currency resources.
In contrast, customers holding dollar accounts will continue to enjoy unrestricted usage of their funds, with no foreign spending limits applied to cards linked to those balances.
Additional customer-focused adjustments include a revision to credit card fees. Individuals holding multiple credit cards will now be charged an annual fee for only one card, recognising that foreign spending limits are applied per customer rather than per card.
Operational changes have also been introduced for telegraphic transfers. The sale of US dollars and other foreign currencies for TT transactions will be restricted to banking hours, although outbound US dollar transfers can still be processed around the clock, including on public holidays.
Finally, the bank confirmed it will monitor and restrict parties attempting to bypass limits by splitting large TT transactions, reinforcing its commitment to fair distribution.
The measures come amid ongoing pressure on foreign currency availability in the Maldives, with authorities and financial institutions seeking to balance demand while safeguarding critical economic activities such as imports, education, and travel.
