Maldives Islamic Bank (MIB) has restricted the use of the dollar limit on its MVR cards for some e-commerce platforms.
MIB said that the USD 250 monthly limit previously allocated to MVR cards was intended to facilitate essential needs. However, the bank noted that some customers have been utilizing this limit for other purposes over the past period.
"To prioritize the fulfillment of customers' essential needs, a decision has been made to immediately restrict the use of this dollar limit on certain merchant sites," MIB announced.
The bank further clarified that a maximum of 10 transactions will now be permitted on foreign e-commerce sites. Despite these changes, MIB confirmed that the cards can still be used to pay for subscription services.
"The USD 250 limit remains available for transactions via POS machines abroad, as well as for expenses related to healthcare and travel," the bank stated.
MIB’s introduction of these controls follows a similar move by the Bank of Maldives (BML), which has also tightened limits on foreign currency transactions for its MVR cards.
