Bank of Maldives (BML) has established daily limits for international e-commerce transactions using rufiyaa cards.
The bank stated today that this is a change of a total of USD 16 million per month divided across categories.
According to information shared by BML with the media, the daily category limits will be updated or "reset" at 7:00 AM every day. If a category or merchant limit is reached on a particular day, customers are provided with options. These are:
Attempting to conduct the transaction again the following day. Using a USD card if one is available, which will complete the transaction.
BML, the bank with the largest customer base in the Maldives, states that it is still providing an average of USD 81.6 million per month for customers' foreign currency needs (including rufiyaa card transactions abroad, e-commerce, medical, educational, travel, and TT transfers). Looking at this year alone, that totals USD 653 million so far.
How dollars were allocated for E-commerce transactions
Total amount allocated for e-commerce per month: USD 16 million.
- Most frequently used e-commerce merchants (top 150 platforms, for example: Temu, Alibaba, Apple, Amazon): USD 3 million (approximately USD 100,000 per day). Educational, medical, travel, and other essential services are not included in this.
- Social media platforms (including Meta/Facebook, Instagram, TikTok): USD 1.5 million (approximately USD 50,000 per day). This is an amount determined based on current customer usage.
- Travel and accommodation (flight tickets and hotel bookings): This is USD 6 million or approximately USD 200,000 per day. To prevent making bookings on behalf of others and to allow for personal travel, a limit of three transactions every three months has been established per customer.
- Important subscriptions and other essential services: USD 3 million or approximately USD 100,000 per day. This includes services required for customers' essential needs.
- All other businesses (additional e-commerce transactions): USD 1.8 million or approximately USD 60,000 per day. This is an amount established to manage non-essential or discretionary expenses.
- Medical and educational expenses: There will be no merchant or category limit for such expenses. To ensure a continuous supply of USD for these services, the bank will maintain a separate budget (buffer) outside of the above categories.
BML stated that the newly established limits for e-commerce transactions are a measure taken to manage the bank's liquidity.
"This is not a reduction in the proportion of dollars the bank has been providing to customers," BML stated in a document shared with the media.
Why the change had to be made
Transactions can be conducted across more than 40,000 international e-commerce platforms using BML rufiyaa cards.
Bank statistics show that the number of such transactions has averaged over 20,000 per day during this year.
"The demand for dollars required to settle these transactions has increased significantly more than the dollars available to the bank," BML stated.
"As a result, difficulties have arisen in providing other essential services that must be paid in dollars, particularly in sending telegraphic transfers (TTs), and customer complaints have increased."
BML stated that for those reasons, in order to provide these services sustainably and prioritize essential needs, limits were established on a daily and category basis for e-commerce businesses.
BML has decided to review these limits periodically.
