Calculations by Adhadhu reveal that the monthly limit set for Bank of Maldives (BML) Maldivian Rufiyaa (MVR) cards amounts to less than $60 per customer, when distributed among the 300,000 active card users reported by the bank.
BML has capped the total monthly expenditure for foreign e-commerce transactions via MVR cards at $16 million. The bank has allocated this limit across various sectors after establishing a maximum daily expenditure ceiling.
The largest portion of this limit has been allocated to travel and hotel bookings. Limits have also been imposed on the most frequently used e-commerce platforms, which the bank identifies as the primary source of dollar outflows.
BML’s Monthly Limits
- Top E-commerce platforms: $3 million per month ($100,000 per day)
- Social media platforms: $1.5 million per month ($50,000 per day)
- Travel and hotel bookings: $6 million per month ($200,000 per day)
- Essential subscriptions and vital services: $3 million per month ($100,000 per day)
- All other businesses: $1.8 million per month ($60,000 per day)
The per-capita calculations were based on figures shared by BML CEO and Managing Director Mohamed Shareef during the "Chat with CEO" session. Shareef said that between 250,000 and 300,000 customers use MVR cards for transactions monthly. He further noted that, previously, the average expenditure per customer stood at $143.
That average was maintained when the bank was selling $39.3 million per month. With the current supply reduced to $16 million, dividing this amount among 300,000 customers brings the average spendable amount down to just $53 per customer.
Despite this significantly lower average, BML has not officially changed the $500 monthly allowance designated for MVR cards. However, given the drastic reduction in the total dollar supply, it is now highly improbable for customers to actually spend up to that limit.
The reality is that the bank’s entire customer base cannot conduct multiple transactions with such a limited pool of dollars. Under these restrictions, utilizing the $500 allowance would only be possible if done in a single transaction or if a customer is fortunate enough to process a payment before the bank’s daily limit is exhausted.
BML has set 7:00 am as the daily reset time for these limits. The bank stated that if the daily limit for a specific sector or business is reached, customers must wait until the following day to attempt transactions again.
Nevertheless, many customers complained today that they were unable to process card payments even when attempting to do so exactly at the reset time.
