Bank of Maldives (BML) has clarified that subscription-based payments for commonly used digital services are not subject to the foreign transaction restrictions recently imposed on Maldivian Rufiyaa (MVR) cards, amid concerns raised by customers over failed payments.
The clarification comes after many users reported difficulties paying for subscription services following the bank’s decision last month to tighten foreign spending limits on MVR cards due to ongoing foreign currency constraints.
Under the measures introduced by the bank, customers are limited to 30 transactions per month on certain international e-commerce platforms, while a nationwide daily spending cap was also implemented to manage demand for foreign currency.
The restrictions sparked concern among customers who rely on subscription-based services such as streaming platforms, cloud storage, software subscriptions and other recurring online payments.
Responding to the concerns through a post on X, BML said subscription payments have not been blocked and are excluded from the daily foreign spending limit applied to MVR cards.
The bank, however, acknowledged that some customers have experienced failed subscription transactions due to issues originating from merchants or payment processing systems.
According to BML, investigations are currently underway to identify and resolve the causes of such payment failures.
“We are currently investigating instances where subscription payments are being declined for various reasons,” the bank said. “Customers experiencing issues are encouraged to contact the bank so that an immediate solution can be provided.”
The bank’s latest statement comes as public attention remains focused on foreign currency availability and overseas spending restrictions.
BML previously explained that the measures were introduced in response to pressures on foreign currency reserves and a decline in dollar inflows. The bank noted that reduced foreign exchange availability had affected its ability to sustain previous spending levels on international transactions.
According to BML officials, the bank had been facilitating an average of approximately USD 1.33 million in daily overseas transactions before the restrictions were introduced.
The issue was also raised during a recent press conference at the President’s Office, where President Dr. Mohamed Muizzu addressed concerns over the dollar shortage and the impact of spending controls.
The President said BML had informed the government that significant easing of the current transaction limits is expected later this month.
“Bank of Maldives indicated that, God willing, substantial relief will be provided by the end of the month,” the President said.
The bank has previously assured customers that the restrictions do not affect spending through cards linked directly to US dollar accounts. It has also maintained existing arrangements for students studying abroad, while providing a grace period for families transitioning to dedicated student cards.
As concerns over foreign currency access continue, customers are now awaiting further details on the expected relaxation of transaction limits and whether the planned changes will ease challenges faced by online shoppers and digital service users.
