President Dr Mohamed Muizzu has announced that the current restrictions on foreign transactions using Bank of Maldives (BML) cards will be relaxed by the end of this month, offering relief to many citizens who have faced limitations when conducting international online purchases.
Speaking at the weekly press conference held at the President's Office, the President revealed that his administration had engaged with BML management to address the dollar shortage issue.
"The Bank of Maldives is currently experiencing difficulties. However, the President's Office yesterday tried to get information from the bank and indicated that it will hopefully ease it by the end of this month,” he said.
The bank had imposed strict limits on MVR card transactions for overseas e-commerce and online retail sites due to reduced foreign exchange availability, circumstances attributed to the prevailing conflict in the Middle East. According to a bank spokesperson, BML was previously selling USD 1.33 million daily to facilitate such transactions.
Under the current policy, the bank sells dollars within a fixed daily budget, meaning some retail sites may be unable to conduct business on certain days. However, cards issued for dollar accounts remain available for unlimited transactions, the bank confirmed.
BML has also guaranteed that the changes had not affected the limits provided to students studying abroad. Additionally, the bank has offered a three-month grace period for students using their parents' cards to obtain their own student cards.
The bank emphasised that these measures were implemented to preserve foreign exchange reserves for essential needs, while expressing commitment to gradually relax restrictions on MVR card transactions as dollar availability improves.