Bank of Maldives (BML) has introduced restrictions on foreign e-commerce transactions made via Maldivian Rufiyaa (MVR) cards, capping the total monthly expenditure at $16 million.
BML announced that starting tomorrow, daily limits will be implemented within this $16 million monthly ceiling. These limits have been categorized based on the nature of the services and customer needs to prioritize essential sectors.
The breakdown of BML’s e-commerce limits is as follows:
- Popular e-commerce platforms: $3 million per month and $100,000 per day.
- Social media platforms: $1.5 million per month and $50,000 per day.
- Travel and hotel bookings: $6 million per month and $200,000 per day.
- Essential subscriptions and critical services: $3 million per month and $100,000 per day.
- All other businesses: $1.8 million per month and $60,000 per day.
Due to a surge in transactions for travel tickets and accommodation, BML has also restricted individual customers to a maximum of three such transactions within any three-month period.
The bank stated that it will publish a list of the 150 most frequently used foreign e-commerce platforms. However, this list will exclude services related to education, healthcare, travel, hotel bookings, and other essential services.
Furthermore, BML clarified that while no merchant-level or category limits have been set for healthcare and education-related transactions, these payments will still be processed within the overall $16 million monthly aggregate limit.
If the daily limit for a specific sector or business category is reached, customers may attempt the transaction the following day or use a US Dollar card to complete the purchase. The bank noted that daily limits will reset every morning at 7:00 am.
BML explained that the main objective of these restrictions is to control foreign currency expenditure on non-essential items while prioritizing the availability of foreign exchange for customers' essential needs.
Customers currently use BML Rufiyaa cards to procure goods and services from over 40,000 e-commerce platforms worldwide. The volume of such transactions has seen a sharp increase this year, with an average of more than 20,000 transactions processed daily.
