Government Denies Role in Bank of Maldives Overseas Transaction Limit Changes

The Maldives government has dismissed allegations that it influenced recent changes made by the Bank of Maldives (BML) regarding overseas e-commerce and online retail transactions using MVR cards. Government Chief Spokesperson Mohamed Hussain Shareef addressed the issue during the “Presser with the Spox” media briefing at the President’s Office. The denial comes amid claims that BML adjusted its dollar allocation policies to manage liquidity pressures caused by substantial government debt repayments. BML recently implemented a daily limit on the amount of US dollars available for purchases on specific overseas e-commerce websites for users with MVR accounts. Additionally, the bank now requires requests for telegraphic transfer (TT) transactions involving US dollars to be submitted strictly during official working hours. Shareef emphasized that the government's primary focus remains ensuring the availability of US dollars for essential imports—including food, medicine, and fuel—and supporting Maldivian students studying abroad. He clarified that no government directives were issued beyond measures intended to prioritize these essential needs and curb improper card transactions. Critics and some analysts have attempted to link these banking restrictions to the government's repayment of a USD 524 million sukuk and a USD 400 million currency swap repayment to India. The spokesperson categorically denied these links, asserting that the state is not experiencing any cash flow difficulties in meeting its international debt obligations. By distancing itself from BML's operational decisions, the government aims to reassure the public and the business community that the nation's financial stability remains intact, despite the tighter restrictions on retail foreign exchange spending.