President Mohamed Muizzu announced today that the restrictions imposed by the Bank of Maldives (BML) on dollar transactions via Maldivian Rufiyaa cards are expected to be eased by the end of this month.
BML introduced these controls citing a decline in foreign currency inflows compared to previous levels due to the conflict involving Iran. The bank set daily limits on several popular international e-commerce sites and implemented a 30 percent fee on transactions made through those platforms.
Responding to a question during a press conference at the President's Office, Muizzu said that the bank has indicated its intention to provide relief regarding these limits by the end of the month.
"Due to challenges faced by the Bank of Maldives, they are currently maintaining some limits. However, when the President's Office sought information from the bank yesterday, they indicated that significant easing would be introduced around the end of this month," the President said.
As public complaints regarding BML’s dollar limits grow, many users have reported being unable to process payments even on websites not restricted by the bank. In response to these issues, the bank has advised customers to re-attempt their transactions.
