Bank of Maldives Limits MVR Card E-Commerce Transactions to Ensure Fair Currency Access

The Bank of Maldives (BML) has introduced a monthly limit on transactions made via common e-commerce platforms using MVR cards. The new policy restricts users to a maximum of 30 transactions per month, a move the bank says is necessary to ensure an equitable distribution of foreign currency among its customers. Chief Executive Officer Mohamed Shareef explained that the decision follows a trend where a small minority of users were making high-volume purchases on international sites. Because BML must sell US Dollars abroad to facilitate every transaction made with a local currency (MVR) card, these exorbitant spending patterns were depleting foreign currency reserves and creating shortages for other residents. “Utilising the MVR card for transactions abroad or making purchases via e-commerce platforms results in MVR being sold for US Dollars,” Shareef detailed. He noted that when a small group of people utilizes a disproportionate amount of these resources, it creates systemic difficulties for the broader customer base. To mitigate the impact on the majority of users, BML highlighted that only three percent of its customers currently exceed 30 transactions per month. The bank believes this targeted restriction will foster a more sustainable environment for e-commerce and currency stability without hindering the average consumer. Crucially, the bank confirmed that these limits apply only to MVR cards. There are no changes to the transaction limits for USD cards, and users holding those accounts may continue to carry out as many transactions as they desire without restriction. This policy shift reflects the ongoing challenges the Maldives faces in managing foreign exchange liquidity, as the banking sector balances the demand for international shopping with the need to maintain stable currency reserves for all citizens.