According to the bank, as demand for US Dollars to settle international card transactions continues to increase, the foreign currency required to support e-commerce spending has significantly exceeded the Bank’s available US Dollar liquidity from its various funding channels.
BML
The Bank of Maldives (BML), in their press release, stated that the MVR cards enable customers to purchase goods and services from more than 40,000 international e-commerce platforms worldwide. Usage has increased significantly, reaching more than 20,000 transactions on average per day this year.
According to the bank, as demand for US Dollars to settle international card transactions continues to increase, the foreign currency required to support e-commerce spending has significantly exceeded the Bank’s available US Dollar liquidity from its various funding channels. The bank noted that this sustained demand has placed considerable pressure on the Bank's foreign currency liquidity and has affected the bank's ability to provide other foreign currency services, particularly Telegraphic Transfers (TTs), which are currently facing delays. This has also resulted in increased customer complaints regarding these services.
To manage the Bank’s foreign currency reserves responsibly and ensure the uninterrupted procurement of essential goods and services, BML has introduced daily transaction limits for MVR cards used on international e-commerce platforms. According to the bank, these limits, which are designed to be transparent, sustainable, and subject to periodic review, will come into effect on 13 September 2026.
Overall e-commerce Allocation
BML has allocated up to USD 16 million per month to support international e-commerce transactions
made using MVR cards. Within this monthly allocation, the Bank has set indicative daily limits for specific merchant categories, reflecting customer usage patterns and the importance of the services provided. These limits are set out below.
If the limit for a particular category or merchant is reached on a given day, customers may retry the transaction on the following day or, where available, use a US Dollar card to complete the purchase. The daily limits will reset at 7:00 am.
1. Top e-commerce Merchants
The Bank will publish a list of the 150 most frequently used international e-commerce merchants. The list will exclude education, medical services, travel, accommodation and other essential services, which will be managed separately. The category will include major international retail and technology platforms such as Temu, Alibaba, Apple and Amazon. A combined allocation of USD 3 million per month (approximately USD 100,000 per day) will be available for transactions with these merchants.
2. Social Media Platforms
A dedicated allocation will be provided for transactions with social media platforms, including Meta (Facebook and Instagram) and TikTok, based on current customer usage.
This category will have an allocation of USD 1.5 million per month (approximately USD 50,000 per day).
3. Travel and Accommodation
Travel-related transactions, including online airline ticket purchases and hotel bookings, will have an allocation of USD 6 million per month (approximately USD 200,000 per day). Given the significant increase in foreign currency outflows arising from customers purchasing travel tickets and accommodation on behalf of other individuals, a limit of three transactions per customer within three months will apply to merchants in this category.
This measure is intended to ensure that the available allocation remains accessible to customers for their own genuine travel requirements.
4. Essential Subscriptions and Other Vital Services
An allocation of USD 3 million per month (approximately USD 100,000 per day) will be designated for essential subscriptions and other categories identified as vital customer needs.
5. All Other Merchants
All remaining international e-commerce merchants will share a combined allocation of USD 1.8 million per month (approximately USD 60,000 per day).
This allocation is intended primarily to manage discretionary and non-essential foreign currency spending while preserving sufficient foreign currency for essential customer requirements. BML will regularly review transaction volumes, customer usage patterns and the Bank’s available foreign currency liquidity and will adjust category allocations when circumstances permit.
6. Health and Education
Transactions relating to health and education are not subject to merchant-level or category limits. These transactions are processed within the Bank's overall monthly allocation of USD 16 million, with a dedicated buffer maintained outside the category limits above to help ensure continued access to these essential services at all times. Usage in this category will be closely monitored and the allocation adjusted where necessary.
