The Bank of Maldives (BML) has declared that it has established daily limits on rufiyaa card usage for international e-commerce transactions. The bank announced that the limits, starting on Sunday, will offer category-specific allocations up to USD 16 million each month.

BML reports that the bank is presently offering an average of USD 81.6 million each month to meet customers' foreign exchange requirements, which encompass international transactions conducted with rufiyaa cards, e-commerce, education, health, transport, and telegraphic transfers (TT). The bank reported that this totals USD 653 million for the year thus far.

BML stated that the updated restrictions on online commerce transactions aim to prudently control the bank’s foreign currency liquidity. It highlighted that this does not represent a decrease in the bank's total availability of dollars for customers.

The bank highlighted that rufiyaa cards are now accepted on over 40,000 global e-commerce sites, with daily transactions averaging over 20,000 this year. BML has consistently emphasized that the need for dollars to finalize these transactions has significantly surpassed the foreign currency the bank has on hand.

Consequently, various crucial services, especially telegraphic transfers, have experienced delays, leading to an uptick in customer complaints, the bank stated. Consequently, to guarantee sustainable services and focus on essential needs, BML has established daily and category-specific limits for e-commerce transactions. The bank will assess these limits at regular intervals.

USD 16 million monthly for online trade activities:

The 150 most popular platforms (such as Temu, Alibaba, Apple, and Amazon): USD 3 million monthly, roughly USD 100,000 daily. This category does not include education, healthcare, transportation, and other vital services.

Social media platforms (such as Facebook, TikTok, and Instagram): USD 1.5 million monthly, roughly USD 50,000 daily.

Travel and lodging (airfare and hotel reservations): USD 6 million monthly, roughly USD 200,000 daily. A maximum of three transactions per customer every three months will be enforced to avoid reservations made for others and to guarantee availability for individual travel.

Important subscriptions and other crucial services: USD 3 million monthly, around USD 100,000 daily, addressing essential customer requirements.

All other vendors (extra online purchases): USD 1.8 million monthly, roughly USD 60,000 daily, a budget set aside for handling discretionary and non-essential expenditures.

BML stated that there will be no restrictions at the merchant level or by category on health and education costs. The bank will hold a distinct buffer beyond other categories to guarantee ongoing access to dollars for these services.

Daily category limits will refresh at 7:00am. When a category or merchant limit is reached on a given day, customers can attempt the transaction again the following day or, if possible, use a US dollar card.

BML initially revealed in May of the previous year that it would impose restrictions on transactions conducted on platforms like Temu, referring to the necessity of selling more dollars than the bank could sustainably offer. Since that time, BML has launched a dollar investment option, which the bank indicated in July had allowed for higher limits for platforms like Temu.