The Bank of Maldives (BML) has introduced a set of measures aimed at improving its processes and ensuring fair and equitable access to foreign currency for essential public needs.

In a statement issued on Saturday, BML said a new digital partnership with Maldives Immigration will enable foreign spending limits to be applied specifically to card-present point-of-sale (POS) transactions conducted overseas. The Bank noted that this would allow travellers to continue using their cards for legitimate purchases, while strengthening controls against unauthorised or abusive usage.

BML also announced support measures for students studying abroad. Students currently using a guardian’s card will be issued dedicated student cards with appropriate foreign spending limits. Until these cards are issued, guardians’ cards may be used for a period of up to three months.

Addressing misuse, the Bank said some individuals have been using personal foreign spending limits to conduct business transactions on certain online shopping platforms. As a result, a daily budget will be introduced for such transactions to ensure a more equitable distribution of foreign currency. The Bank clarified that no changes will be made to platforms used for legitimate personal purposes.

Further, e-commerce transactions will be capped at 30 per month per customer. According to the Bank, fewer than three per cent of customers exceed this threshold, and these are largely linked to business-related activity.

BML added that cards linked to dollar accounts will continue to operate without foreign spending restrictions, subject to available balances. Customers holding multiple credit cards will also only be charged an annual fee for one card, as spending limits are applied per customer.

With regard to telegraphic transfers (TTs), the Bank stated that the sale of US dollars or other foreign currency support will be processed only during operating hours. However, TT transfers sent in US dollars will continue to be processed 24 hours a day, including on public holidays.

BML further noted that it will monitor and restrict attempts to bypass limits by splitting TT transactions to obtain larger amounts of foreign currency.