Bank of Maldives Confirms No Limits on USD Card Online Purchases

The Bank of Maldives (BML) has clarified that customers using cards linked to US dollar accounts face no transaction limits when shopping on international retail websites. The announcement comes as a direct response to growing public concern regarding potential monthly caps on digital spending. Bank spokesperson Mohamed Saeed confirmed via social media that users of dollar-denominated accounts can continue making purchases on global platforms, such as Temu and Shein, without restriction. "The bank has not imposed any restrictions or transaction limits on these specific activities," Saeed stated, reassuring customers that their purchasing power remains intact if they hold the necessary foreign currency. The bank specified that restrictions apply only to those using cards denominated in Maldivian Rufiyaa. For these accounts, a cap has been placed on the volume of US dollars the bank will sell to facilitate overseas transactions. This measure was introduced to curb "aggressive purchasing patterns" by a small group of users. According to BML, the need for this intervention stems from a structural imbalance in foreign currency flow. Because the bank must send an equivalent amount of US dollars abroad for every Rufiyaa-based international purchase, high-volume spending by a minority puts pressure on reserves. Data reveals that only three percent of customers execute more than 30 transactions per month, yet they consume a disproportionate share of the available foreign currency. By limiting Rufiyaa-based conversions, the bank aims to ensure a more equitable distribution of resources. BML described the adjustment as a strategic economic refinement designed to stabilize the e-commerce sector and protect the broader economy from the impact of excessive individual spending.