BML takes measures to ensure fair and equitable access to foreign currency

Bank of Maldives (BML) has entered a digital partnership with Maldives Immigration, under which the foreign spend limit for using POS and ATM services abroad will be activated only when an individual travels overseas. 

The move is part of multiple measures announced by BML on Saturday to ensure fair and equitable access to foreign currency for essential public needs.

BML stated that the foreign spend limit for using POS and ATM services abroad will be activated only when an individual travels overseas.

"This ensures that cards belonging to individuals who are in the Maldives cannot be used abroad, without the cardholder being physically present," stated the bank.

The BML has also decided to issue a student card to students studying abroad who do not have their own card and are using a guardian’s card. According to the bank, the card will have the monthly student foreign spend limit.

The BML states that students can continue using their guardian’s card until a student card is issued.

According to BML, few individuals are using the foreign spend limit on personal cards to conduct business transactions on certain online shopping sites. As a result, the bank is selling large amounts of dollars for such purposes to a limited number of parties.

The bank has therefore decided to set a daily budget for the amount sold for such online transactions, in order to ensure that the dollars obtained by the bank are distributed for the benefit of a wider population.

However, the bank said that no changes are being made at this time to sites used for other legitimate personal purposes.

BML states that fewer than 50 customers are making more than 30 transactions per month for ecommerce.

According to BML, these are the same parties using the previously mentioned shopping sites for business purposes. The bank has therefore decided to limit the number of monthly transactions per customer to 30, in order to ensure fair use of the ecommerce budget.

Other measures:

• Cards linked to dollar accounts can be used without any foreign spend restrictions based on the dollars available in the customer's account.
• For customers holding multiple credit cards, annual fee will only be charged for one credit card since the monthly foreign spend limit is applied per customer. No additional annual fee will be charged for customers with multiple credit cards.
• The sale of USD or other foreign currency support for TTs will be processed only during the Bank’s operating hours. However, TT transfers sent in US Dollars can be processed 24/7, including on holidays.
• Parties attempting to obtain large amounts of dollars by splitting TT transactions will be identified, and sales to such parties will be restricted within the imposed limits.

Statistics shared by BML on Saturday show a rise in both USD inflow and outflow this year.

USD inflow as of April 30:

• 2025: USD 1.26 billion
• 2026: USD 1.58 billion

USD outflow as of April 30:

• 2025: USD 1.03 billion
• 2026: USD 1.45 billion

The decision by BML to block card-not-present (CNP) transactions overseas comes after the bank repeatedly raised concerns that people were using cards that do not belong to them for transactions overseas.

Back on April 20, the bank expressed concern over emerging external pressures following the onset of Middle East conflict on February 28, including increased travel cancellations and reduced tourist spending. The BML said that that net foreign currency inflows from both debit and credit card transactions declined by around one-third in April, while outflows for imports and external services doubled. The bank warned it may be forced to implement temporary measures to limit USD sales if it continues to decline.