Bank of Maldives Raises E-commerce Limits Following New USD Investment Scheme

The Bank of Maldives (BML) has increased the limits on foreign currency transactions for e-commerce platforms, easing restrictions that had previously sparked widespread public frustration. The move follows the launch of a new investment program on June 23, designed to bolster the bank's US dollar inflows and stabilize foreign currency disbursements. In May, BML had implemented strict measures on card-based transactions, capping users at 30 monthly transactions across only six distinct platforms. These constraints were introduced to manage the scarcity of US dollars, but they led to a surge in consumer complaints as shoppers struggled to make international purchases. To address the liquidity challenge, the bank introduced a tiered investment initiative—categorized into Gold, Silver, and Bronze levels—allowing the public to invest US dollars directly with the institution. Under this scheme, investors receive the equivalent value in Maldivian Rufiyaa immediately upon investment, with accrued profits deposited into their local currency accounts by the following day. BML officials stated that these pooled funds offer participants potential profits of up to 25 percent. Mohamed Saeed, the spokesperson and head of brand and marketing strategy for BML, confirmed during an appearance on the PSM News programme 'Raajje Miadhu' that the daily transaction limits have now been expanded. He highlighted that customers can now successfully complete payments on popular global platforms such as Temu, Shein, and AliExpress. Saeed noted that the revised arrangement creates a mutually beneficial ecosystem, providing returns for USD investors, securing the bank's currency reserves, and restoring purchasing power for general consumers. The shift signals a transition from restrictive crisis management toward a more sustainable financial model for foreign exchange in the Maldives.