The Bank of Maldives (BML) is selling around USD 1.33 million daily to process foreign transactions made through MVR cards, prompting the bank to tighten controls on certain overseas e-commerce purchases.

Clarifying recent changes to the use of MVR cards on foreign online retail platforms, BML spokesperson Mohammed Saeed said the measures were introduced to better manage foreign currency outflows amid reduced tourist arrivals linked to the situation in the Middle East.

Saeed added that the bank has strengthened its foreign exchange management systems to prioritise essential national needs. As part of the changes, a specific daily budget has been allocated for transactions on certain foreign retail websites.

He explained that once the allocated budget is exhausted, transactions on those platforms will no longer be processed for the remainder of the day.

However, Saeed assured that the changes would not affect transactions for services or purchases from other websites. Customers will also receive notifications through the BML app regarding transaction usage and limits.

The bank further clarified that cards linked to dollar accounts can continue to be used without any transaction limits.

BML also stated that the revised measures will not affect allowances provided for students studying abroad or resident cardholders. Students abroad currently using parental cards issued in the Maldives have been granted a three-month period to apply for dedicated student cards.

Saeed noted that although higher e-commerce activity increases the bank’s revenue, the current measures are necessary to preserve foreign currency reserves for essential public requirements.

He added that limits on foreign currency transactions through MVR cards may continue to be adjusted depending on the bank’s available dollar reserves.