Spokesperson: BML selling USD 1.33M daily for MVR card transactions, will change limits based on USD inflow

The Bank of Maldives (BML) is currently selling USD 1.33 million daily for transactions made using cards issued to Maldivian Rufiyaa accounts, stated the bank’s spokesperson Mohamed Saeed on Thursday, adding that the bank will be changing the newly imposed limits for foreign currency transactions on MVR cards based on the amount of US dollars the bank is able to purchase.

The national bank has come under fire over recently implemented daily limits for international e-commerce and retail transactions using MVR cards, with many complaining about difficulties in paying for subscriptions and online businesses.

In a statement on Thursday afternoon, Saeed explained that with tourism arrivals down due to the situation in the Middle East, the bank was compelled to sell a disproportionately larger amount of dollars to complete these transactions compared to the foreign currency it is able to purchase.

“The bank is currently selling USD 1.33 million daily for transactions made using cards issued to Maldivian Rufiyaa accounts. Taking into account the difficulties in acquiring dollars, the bank has further strengthened the systems maintained by the bank to provide foreign currency for the essential needs of the citizens,” he said.

Saeed said that the amount sold daily for shopping on e-commerce and retail sites is now being allocated from within a specific budget set for each day.

“Once that budget is exhausted, it will not be possible to make purchases from the Maldives on those websites (certain retail sites) for that day,” he said, adding that customers would be informed of this via a notification sent through the BML App.

Saeed said that obtaining services from “other sites” will not be interrupted.

Meanwhile, cards issued to dollar accounts can be used for transactions without any limit.

Saeed added that the changes will not result in any alterations to the special limits allocated for the cards of students studying abroad and individuals living overseas.

He also noted that students studying overseas who are using the cards of their parents residing in the Maldives have been provided a grace period of three months to apply for a student card.

“Arrangements will be made so that the parents' cards can be utilized during this period,” he said.

Saeed noted that a large number of e-commerce transactions would also increase the bank’s revenue.

“But considering the current level of foreign currency earnings and the amount of dollars the bank has to sell for customer requirements, the bank is compelled to take these steps to economize foreign currency for essential needs,” he said.

Saeed concluded that the bank will continue to bring changes to the limits on foreign currency transactions from MVR cards depending on the amount of dollars the bank is able to purchase.