President Mohamed Muizzu’s promise to ease Bank of Maldives (BML) restrictions on dollar transactions via Maldivian Rufiyaa cards by late June has gone unfulfilled as the deadline passed without action.
BML imposed these controls, citing a decline in foreign currency inflows compared to previous levels, attributing the shortage to the conflict in Iran. The bank established daily limits for popular international shopping sites and introduced a 30 percent fee on such transactions.
Responding to inquiries during a press conference at the President's Office on June 1, Muizzu said that BML had indicated to him that relief would be provided by the end of the month.
"Due to challenges facing the Bank of Maldives, they are currently maintaining slight limits. However, when the President's Office sought information from the bank yesterday, they indicated that easing would be granted towards the end of this month," he said.
However, as June concluded and July began, no such relief has been extended to the public. Many citizens have taken to social media, sharing the video of Muizzu's remarks to highlight the ongoing difficulties they face in making overseas purchases.
Instead of providing relief to the public, the bank has moved to purchase dollars at rates exceeding the official exchange rate set by the Maldives Monetary Authority (MMA) in an effort to bolster its reserves.
