Bank of Maldives Exempts Routine Subscription Payments From Foreign Transaction Caps

The Bank of Maldives (BML) has clarified that routine subscription payments for commonly used services are exempt from the recent restrictions placed on Maldivian Rufiyaa cards for foreign e-commerce websites. This announcement follows a period of increased public frustration after the bank capped individual transactions on certain international platforms to 30 per month and introduced a strict daily spending limit for the entire nation. These measures were implemented to manage a broader national US dollar shortage, but they inadvertently blocked many users from processing recurring payments for essential digital services. In a statement released via the social media platform X, BML confirmed that subscription payments are not prohibited and do not count toward the daily foreign spending limit. However, the bank acknowledged that some payments are still being declined by merchants for various technical reasons. "We are proactively attending to subscription payments that have been declined for various reasons," the bank stated, adding that they are currently investigating the causes of these complications. BML has urged customers to contact the institution directly if a transaction fails to ensure a prompt resolution. The current financial climate remains tense as residents navigate these limits. However, there is optimism for near-future relief. During a press conference at the President's Office on June 1, President Dr. Mohamed Muizzu revealed that the Bank of Maldives has indicated significant relief regarding these banking limits will be introduced starting from the end of this month. This move is expected to ease the pressure on individuals and businesses relying on foreign digital services, provided the bank can stabilize the technical hurdles currently affecting merchant approvals.