The volume of foreign currency transactions permitted on e-commerce platforms has been increased, the Bank of Maldives (BML) has announced. The expansion of these caps, previously a source of widespread public concern, aligns with a newly introduced programme allowing the public to invest US dollars directly with the financial institution, an initiative that commenced on 23 June.
The bank moved in May to restrict card-based transactions on commonly used e-commerce sites, limiting shoppers to a maximum of 30 monthly transactions across six distinct platforms. Acknowledging the necessity of securing US dollar inflows to sustain foreign currency disbursements, the institution structured the public investment initiative into Gold, Silver, and Bronze tiers.
Upon investment, the equivalent value in Maldivian Rufiyaa is immediately credited to the investor’s account, with accrued profits deposited into their local currency account by the following day. Structured as pooled funds, the initiative offers participants the opportunity to realise profits of up to 25 percent, bank officials explained.
The prior restrictions generated significant consumer complaints, Mohamed Saeed, the spokesperson and head of brand and marketing strategy for the Bank of Maldives, acknowledged during an appearance on the PSM News programme 'Raajje Miadhu'.
"The daily limit for customers has now been expanded," Saeed noted, detailing successful payments on frequently utilised platforms such as Temu, Shein, and AliExpress. The revised arrangement mutually benefits individuals investing US dollars, the bank, and consumers, he observed.