Bank of Maldives (BML) will introduce daily limits on international e-commerce transactions made using MVR cards from 13 September, citing growing demand for US Dollars and pressure on the bank’s foreign currency liquidity.
BML said its MVR cards can be used to purchase goods and services from more than 40,000 international e-commerce platforms worldwide, with usage increasing significantly to more than 20,000 transactions per day on average this year.
The bank said the foreign currency required to settle these transactions had significantly exceeded the US Dollar liquidity available through its various funding channels. It said the sustained demand had placed considerable pressure on its foreign currency liquidity and affected its ability to provide other foreign currency services, particularly Telegraphic Transfers (TTs), which are currently experiencing delays.
BML said the new limits were introduced to manage its foreign currency reserves responsibly while ensuring continued access to essential goods and services. The limits will be reviewed periodically based on transaction volumes, customer usage patterns and the bank’s available foreign currency liquidity.
The bank has allocated up to USD 16 million per month to support international e-commerce transactions made using MVR cards. Within this allocation, separate indicative daily limits will apply to different merchant categories based on customer usage patterns and the importance of the services provided.
For the 150 most frequently used international e-commerce merchants, BML will make a combined allocation of USD 3 million per month, equivalent to approximately USD 100,000 per day. The category will include major international retail and technology platforms such as Temu, Alibaba, Apple and Amazon, while education, medical services, travel, accommodation and other essential services will be managed separately.
Social media platforms, including Meta’s Facebook and Instagram and TikTok, will have a dedicated allocation of USD 1.5 million per month, or approximately USD 50,000 per day.
Travel and accommodation transactions, including online airline ticket purchases and hotel bookings, will receive an allocation of USD 6 million per month, equivalent to approximately USD 200,000 per day. BML said a limit of three transactions per customer within a three-month period would apply to merchants in this category, following a significant increase in foreign currency outflows from customers purchasing travel tickets and accommodation for other individuals.
The bank said the measure was intended to ensure that the available allocation remained accessible to customers for their own genuine travel requirements.
Essential subscriptions and other services identified as vital customer needs will receive an allocation of USD 3 million per month, or approximately USD 100,000 per day.
All other international e-commerce merchants will share a combined allocation of USD 1.8 million per month, equivalent to approximately USD 60,000 per day. BML said this allocation was primarily intended to manage discretionary and non-essential foreign currency spending while preserving sufficient foreign currency for essential customer requirements.
Health and education transactions will not be subject to merchant-level or category limits. However, they will be processed within the bank’s overall monthly allocation of USD 16 million, with a dedicated buffer maintained outside the category limits to help ensure continued access to these essential services.
BML said health and education transactions would be closely monitored and the allocation adjusted where necessary.
If the allocation for a particular category or merchant is reached on a given day, customers will be able to retry the transaction the following day or, where available, use a US Dollar card to complete the purchase. The daily limits will reset at 7am.