Government Spokesperson Mohamed Hussain Shareef has stated that recent measures introduced by Bank of Maldives (BML) are aimed at reducing the misuse of foreign currency issued by the bank.

Responding to questions during the Presser With the Spox today, the spokesperson said the State depends heavily on BML for securing essential imports including fuel, food and medicines, while the bank also plays a major role in maintaining overall economic stability in the Maldives. He added that the bank carries out responsibilities that other financial institutions operating in the country do not normally undertake.

The spokesperson said BML receives a limited amount of US dollars and has introduced two key measures to better manage the use of available foreign currency. One of the changes includes limiting e-commerce transactions to 30 transactions per month, which he said would still allow an average customer to make approximately one online transaction per day. He noted that the measure became necessary because around three percent of customers account for a disproportionately high volume of e-commerce transactions.

The spokesperson further stated that BML is also working to ensure TT transactions are made within a specific time period and address the practice of dividing telegraphic transfer (TT) transactions into multiple smaller transfers to obtain larger amounts of foreign currency. He said the bank already allocates a certain percentage of its available US dollars for TT transactions and is taking steps to ensure the system is not misused.

He added that the rapid growth of e-commerce spending had become one of the largest sources of foreign currency outflow from the bank.

The spokesperson also shared details of a verification system established between BML and immigration authorities to confirm whether cardholders are physically abroad when using cards for POS and ATM transactions overseas. He stressed that immigration data would not be shared with the bank, explaining that the system only verifies whether the cardholder is outside the country through an automated confirmation process intended to prevent fraud.

He further noted that students studying abroad would continue to be able to use their parents’ cards and would receive the applicable student transaction limit during their studies overseas.