BML says import‑dependent Maldives must prioritise fuel, food and medicine over foreign online spending

The Bank of Maldives (BML) has said the country’s heavy dependence on imports requires prioritising essential goods over spending on foreign online platforms, especially at a time when dollar inflows are tightening.

Speaking on a state media programme, BML spokesperson Mohamed Saeed said the bank’s decisions affect a large portion of the population and are therefore made only after careful consideration of the economic situation.

“BML is a bank connected to a very large number of people. So every change we make affects many families,” Saeed said, noting that the entire leadership and staff of the bank are Maldivians whose livelihoods are also impacted by policy shifts. He described the bank’s decision‑making as “very professional”.

Referring to recent changes to card limits, Saeed said adjustments are always tied to the bank’s obligation to sell dollars for transactions made using rufiyaa cards and rufiyaa accounts.

“You may remember that we changed the limits around 2020. We make these changes only when the bank is required to sell dollars for transactions made on rufiyaa cards. Depending on the situation, we set different limits on card usage, the number of cards issued, or the number of transactions allowed,” he said.

Saeed said the Maldivian economy is closely intertwined with BML’s performance. When the economy strengthens, the bank improves, and when the economy slows, BML is among the first institutions to feel the impact.

He said the bank began the year strongly, but Maldives is now among the countries most affected by the fallout of the Middle East war. With tourism accounting for roughly 80 percent of GDP, the decline in arrivals has directly reduced the flow of dollars into the country.

“So, in short, these changes reflect the proportion of dollars we have to buy and the proportion we must sell, especially the dollars we need to allocate for different customer needs,” Saeed said.

He stressed that Maldives is “100 percent dependent on imports”, and that available dollars must be prioritised for essential goods such as fuel, food and pharmaceuticals, needs that outweigh spending on foreign online sites.

BML said it is currently selling USD 1.33 million per day for rufiyaa‑card transactions, and that limits will be eased once dollar earnings improve.

The bank recently reduced the dollar limits on rufiyaa cards, prompting complaints from customers who say the cards often fail during subscriptions and online payments.