The Bank of Maldives has clarified that customers utilising cards linked to US dollar accounts remain exempt from transaction limits on international retail websites, a statement issued in response to mounting public concern. While the institution has moved to address reports of monthly transaction caps, officials confirmed that consumers shopping on major digital storefronts, such as Temu and Shein, may conduct transactions to their desired extent provided they utilise dollar-denominated accounts.
"Customers utilising cards linked to US dollar accounts may conduct transactions to their desired extent on international retail platforms such as Temu and Shein," Mohamed Saeed, the spokesperson for the bank, said in a post to social media. "The bank has not imposed any restrictions or transaction limits on these specific activities."
The only restrictive measure involves a specific cap on the volume of US dollars sold for transactions conducted via cards denominated in Maldivian Rufiyaa. This intervention was prompted by "aggressive purchasing patterns" where certain individuals utilised personal Rufiyaa cards for exceptionally high volumes of online goods, the bank noted.
This behavior creates a structural imbalance, as the bank must dispatch equivalent US dollars abroad for every overseas transaction completed in Rufiyaa. With a mere three per cent of individuals executing more than 30 transactions per month, the bank clarified that a substantial portion of foreign currency is being consolidated among a small minority. Ultimately, the adjustment is characterised as a strategic economic refinement intended to benefit the e-commerce sector.