Bank of Maldives (BML) has announced new daily transaction limits for Rufiyaa cards used on international e-commerce platforms, with the changes taking effect from September 13.
The bank has allocated up to USD 16 million per month to support international online transactions made using MVR cards.
BML said customers can currently use its MVR cards across more than 40,000 international e-commerce platforms. Usage has increased significantly, averaging more than 20,000 transactions per day this year.
Rising dollar demand puts pressure on BML
BML said demand for US dollars needed to settle international card transactions has grown beyond the foreign currency available through its various funding channels.
According to the bank, the pressure on its foreign currency liquidity has also affected other services, particularly Telegraphic Transfers (TTs), which are currently facing delays.
The bank said the new limits are intended to manage its foreign currency reserves while maintaining access to foreign currency for essential goods and services.
USD 3 million for Temu, Amazon, Apple and other major platforms
BML will publish a list of the 150 most frequently used international e-commerce merchants.
Major shopping and technology platforms such as Temu, Alibaba, Apple and Amazon will fall under this category.
A combined USD 3 million per month, or approximately USD 100,000 per day, will be available for transactions with these merchants.
Education, medical services, travel, accommodation and other essential services will be handled separately.
Social media payments get USD 1.5 million
Transactions involving social media platforms, including Facebook, Instagram and TikTok, will receive a separate allocation based on current customer usage.
BML has allocated USD 1.5 million per month, equivalent to approximately USD 50,000 per day, for this category.
USD 6 million allocated for travel and hotels
Travel and accommodation will receive the largest specific allocation under the new system.
BML has allocated USD 6 million per month, or approximately USD 200,000 per day, for online airline ticket purchases and hotel bookings.
However, customers will be allowed only three transactions within a three-month period for merchants in this category.
BML said it has seen a significant increase in customers using their cards to purchase tickets and accommodation for other people. The restriction is intended to keep the available allocation accessible for customers’ own genuine travel requirements.
Essential subscriptions receive USD 3 million
Essential subscriptions and other services identified as vital customer needs will receive USD 3 million per month, or around USD 100,000 per day.
All other international e-commerce merchants will share USD 1.8 million per month, equivalent to approximately USD 60,000 per day. BML said this category is primarily intended to control discretionary and non-essential foreign currency spending.
No category limits for health and education
Payments related to health and education will not be subject to merchant-level or category limits.
These transactions will still be processed within BML’s overall USD 16 million monthly allocation, but the bank will maintain a dedicated buffer outside the other category limits to help ensure continued access to these essential services.
Daily limits reset at 7 am
If the allocation for a particular category or merchant is exhausted during the day, customers can try the transaction again the following day. Customers may also use a US dollar card where available.
BML said the daily limits will reset at 7:00 am.
The bank will regularly review transaction volumes, customer usage patterns and its available foreign currency liquidity, and adjust the allocations when circumstances permit.
