The Bank of Maldives (BML) has established new transaction limits for international online shopping platforms using Rufiyaa cards issued by the bank, effective tomorrow. Under the new policy, a total of USD 16 million will be allocated monthly for cross-border e-commerce transactions using these cards.

In a statement issued today, BML explained that the measure was implemented following a massive surge in customer utilization of over 40,000 global e-commerce platforms. With daily transactions currently averaging over 20,000, the foreign currency demand for e-commerce has outpaced the volume of US dollars available to the bank.

The bank noted that this high demand has strained its foreign currency reserves, creating difficulties in processing telegraphic transfers (TTs) and providing other essential services.

Category-Specific Monthly and Daily Limits

Within the monthly allocation of USD 16 million, daily sector-specific caps have been established based on service criticality:

  • Top 150 Trading Platforms (such as Temu, Alibaba, Apple, Amazon): USD 3 million monthly, USD 100,000 daily.
  • Social Media (Meta, TikTok): USD 1.5 million monthly, USD 50,000 daily.
  • Travel and Hotel Bookings: USD 6 million monthly, USD 200,000 daily.
  • Essential Subscriptions: USD 3 million monthly, USD 100,000 daily.
  • Other Businesses/Merchants: USD 1.8 million monthly, USD 60,000 daily.

Key Operational Rules and Conditions

  • Travel Bookings Restriction: Although travel and hotel bookings received the highest allocation, BML noted that currency outflow has escalated due to third-party bookings (covering tickets and accommodations for others). To ensure personal travel funds remain accessible, each customer is restricted to a maximum of three transactions within a three-month period under this category.
  • Daily Reset: Daily limits will automatically reset every morning at 7:00 AM, allowing transactions to resume the following day if a specific sector cap is exhausted.
  • USD Cards: Customers possessing US dollar cards can continue to use those cards to complete transactions without these specific Rufiyaa card limits.
  • Healthcare and Education: Healthcare and education-related transactions have not been assigned a specific category limit. Instead, they will be fulfilled from the overall monthly USD 16 million pool, backed by a special dedicated buffer maintained separately by the bank to ensure these essential services remain uninterrupted.

BML stated that the primary objective of these limits is to control foreign currency expenditures on non-essential items and prioritize customers' vital needs. Sector allocations will be continuously reviewed and adjusted based on transaction volumes, customer usage patterns, and foreign currency liquidity.