President Dr Mohamed Muizzu stated today that Bank of Maldives (BML) will be lifting the recent strict limits on transactions on e-commerce websites. Details of these changes will be announced soon, he said. 

The President revealed that the bank is working towards bringing a 'positive change' to the limits set on e-commerce platforms at present, adding that BML has assured customers will receive the benefits of this by the end of the month. 

President Muizzu said that BML will make related announcements by the end of the week or early next week. 

Dollar rates have risen exponentially in the black market due to shortage of dollars needed for businesses and personal expenses. The demand for dollars exceed the amount received by banks, leading to BML setting stricter limitations on foreign transactions on e-commerce sites since last month. 

Earlier, the bank had set a limit of USD 250 for foreign transactions on BML Debit Cards. Last year, the limit was raised to USD 500. However, now, there is a blanket daily limit on all foreign transactions. 

Many have raised concerns that this change has presented challenges in making even smaller transactions on foreign websites and platforms.