President Dr. Mohamed Muizzu has indicated that changes to the Bank of Maldives’ (BML) overseas card transaction limits are expected to be announced in the coming days, offering hope to customers affected by recent restrictions on international online payments.
Speaking on Monday, the President said additional measures aimed at easing the current limitations would be unveiled either by the end of this week or early next week.
His remarks follow earlier statements by BML that it was reviewing its foreign e-commerce transaction policy and planned to introduce “positive changes” before the end of the month.
The bank tightened restrictions on overseas online transactions last month as pressure on the country’s foreign currency reserves continued, limiting the use of Maldivian Rufiyaa debit cards for purchases on international websites.
The move prompted widespread concern among customers, many of whom reported that even relatively small online purchases were being declined after the new limits came into effect.
The restrictions were introduced as demand for US dollars continued to outpace the banking sector’s available foreign currency supply. The imbalance has also contributed to a sharp rise in black-market exchange rates, increasing pressure on individuals and businesses requiring foreign currency.
BML has adjusted its overseas card policies several times in recent years as it sought to manage growing demand for dollars. While the general overseas transaction allowance on debit cards was previously increased from USD 250 to USD 500, the bank later imposed tighter controls on foreign e-commerce spending in response to worsening foreign exchange constraints.
Despite the restrictions on online purchases, several categories of overseas spending remain eligible for higher transaction limits.
Under the current policy, customers travelling abroad can spend up to USD 1,000 per month through point-of-sale (POS) transactions using their cards.
A separate monthly limit of up to USD 3,000 is also available for essential overseas expenses, including airline tickets, hotel bookings and direct hospital payments.
The President’s latest comments suggest that further adjustments to these arrangements are imminent, although details of the proposed changes have yet to be disclosed.
The anticipated announcement comes as both the government and financial authorities continue implementing measures aimed at improving foreign currency availability and easing pressure on the country’s banking system.
