Bank of Maldives Limits MVR Card Online Spending to Protect Dollar Reserves

The Bank of Maldives (BML) has introduced new restrictions on foreign currency allocations for MVR-linked cards to safeguard the nation's foreign exchange reserves. The move follows rising public concern over the usability of local currency cards for international e-commerce and online retail transactions. In an official statement, BML attributed the necessity of these measures to a decline in tourist arrivals linked to ongoing conflicts in the Middle East. As tourism is the Maldives' primary source of foreign currency, the dip in arrivals has reduced dollar earnings, forcing the bank to deplete its own reserves to facilitate customer spending abroad. The bank revealed the scale of the pressure, noting that it has been selling approximately USD 1.33 million daily to support transactions made via MVR accounts. To manage this, BML has implemented a fixed daily budget for e-commerce. Once this cap is reached, select retail websites will be temporarily suspended for Maldivian users until the next business day. To maintain transparency, BML is notifying affected customers through mobile app alerts. The bank clarified that these restrictions apply only to specific retail platforms; other websites will continue to function normally. Crucially, BML assured customers that cards linked to USD accounts remain entirely unaffected and can be used for international transactions without restriction. Furthermore, the bank confirmed that existing transaction limits for residents and students living abroad will not be impacted. For students currently relying on their parents' cards for overseas expenses, the bank has provided a three-month grace period to apply for dedicated student cards. These specialized accounts will ensure uninterrupted access to foreign exchange services for educational purposes. While BML acknowledged that higher e-commerce volumes typically drive revenue, the bank maintained that these measures are unavoidable given current economic pressures. The bank stated it will continue to adjust transaction limits for MVR cards dynamically, based on the real-time availability of US dollars.