Bank of Maldives (BML) announced yesterday that it has decided to implement a daily budget limit for transactions made using Maldivian Rufiyaa cards on popular e-commerce platforms such as Temu and Shein, in an effort to curb spending on these sites.
Speaking at a press conference, BML CEO and Managing Director Mohamed Shareef explained that the measure is being introduced because cards issued for personal use are increasingly being utilized for commercial procurement.
Shareef noted that the volume of dollars being utilized by individuals shopping on these e-commerce sites is disproportionately high. He stated that this trend allows a small group of people to access a significant portion of available dollars, making it difficult for the bank to provide foreign currency for other essential needs.
While the bank has decided to set a budget for certain sites, Shareef did not specify the exact daily limit or whether platforms other than Temu and Shein would be affected.
"Our objective is to control the current surge in spending on these specific sites by setting a daily limit that is more manageable than the current levels," he said.
Shareef warned that failure to take these measures could result in broader difficulties for the general public in the future.
In another move to reduce the dollar outflow to e-commerce sites, the bank has also limited the number of monthly transactions allowed per customer on Rufiyaa cards to 30.
The bank stated that fewer than three percent of its customers exceed 30 transactions per month. This change is intended to ensure that the daily budget is distributed more equitably among all customers.
