Bank of Maldives imposes $16 million monthly e-commerce limit

Bank of Maldives (BML) has implemented a monthly limit of $16 million for e-commerce transactions conducted using the bank's Rufiyaa cards. This measure follows a significant surge in demand for foreign currency to facilitate online purchases across more than 40,000 global e-commerce platforms.

According to the bank, the high volume of transactions—averaging over 20,000 daily—has placed substantial pressure on foreign exchange reserves. This shortage has caused difficulties in providing essential services, including delays in telegraphic transfers (TT) and increased customer complaints.

The new limits are designed to protect the nation's foreign exchange reserves and ensure the continuous availability of essential goods and services for the Maldives. The bank stated that these limits will be applied to Rufiyaa card usage on international online platforms and will be subject to periodic reviews.