Bank of Maldives (BML) has increased the daily foreign currency transaction limit for e-commerce platforms following the introduction of its US dollar investment service.

Speaking on a programme on State media, BML Head of Branding and Marketing Strategy Mohamed Saeed said the bank decided to increase the daily limit for local currency cards used on e-commerce platforms after opening the opportunity for customers to invest US dollars through BML.

He explained that the bank sets daily foreign currency limits because demand from individuals and businesses continues to exceed the amount of US dollars available to the bank. Each card is also limited to 30 e-commerce transactions per month.

BML recently introduced a US dollar investment service through its internet banking platform and mobile application. Under the service, customers can invest at the official exchange rate of the day, with profits credited to their accounts the following day based on the applicable investment pool rate.

Saeed noted that the daily e-commerce transaction limit increased within the first 24 hours of launching the investment service. He added that many customers had reported successful payments on platforms such as Temu, Shein and AliExpress, which are among the most frequently used online shopping sites by BML customers.

President Dr Mohamed Muizzu had earlier announced that some restrictions on BML Maldivian Rufiyaa cards would be eased during July. The bank has also stated that it plans to further expand its US dollar services as foreign currency inflows increase.