Bank of Maldives has announced an increase in the volume of foreign currency transactions permitted on e-commerce platforms, introducing greater flexibility for customers while reinforcing a broader strategy aimed at supporting the country’s foreign currency ecosystem. The development comes alongside the bank’s newly launched public investment programme, which began on 23 June and allows individuals to invest US dollars directly with the institution. Together, these initiatives reflect a more responsive and balanced approach to addressing public demand for digital spending access while encouraging stronger foreign currency participation through the formal banking sector.
The bank had earlier introduced restrictions in May on card-based transactions across several widely used e-commerce platforms, limiting customers to a maximum of 30 monthly transactions across six platforms. That decision drew notable public concern, particularly among customers who rely on international online marketplaces for personal, household, and small-scale business purchases. With the revised arrangement now in place, the bank has signalled that it is listening to customer feedback while working to maintain the sustainability of foreign currency availability in the Maldives. The latest adjustment is expected to provide welcome relief to online shoppers and contribute to smoother access to essential cross-border purchases.
According to Bank of Maldives, the expanded transaction capacity has been introduced in parallel with a structured investment programme designed to attract more US dollar inflows into the banking system. The programme has been organised into Gold, Silver, and Bronze tiers, offering members of the public an opportunity to invest their US dollars directly with the bank under a clear and accessible framework. Upon making an investment, customers receive the equivalent value immediately in Maldivian Rufiyaa to their account, while profits generated through the arrangement are deposited to their local currency account by the following day. Bank officials have explained that the programme operates through pooled funds and offers participants the possibility of earning profits of up to 25 percent.
The bank views this initiative as a practical solution that serves multiple stakeholders at once. By encouraging the public to place US dollars within the formal banking system, the institution is able to strengthen its foreign currency position and support continued disbursement for customer needs. At the same time, individuals who invest their dollars are given an opportunity to realise financial returns, while consumers benefit from improved access to online transactions on major e-commerce platforms. This combination of investment opportunity and expanded spending flexibility presents a model that supports both liquidity management and customer convenience.
Speaking on the PSM News programme Raajje Miadhu, Bank of Maldives spokesperson and Head of Brand and Marketing Strategy Mohamed Saeed acknowledged that the earlier restrictions had generated considerable complaints from consumers. He stated that the daily limit for customers has now been increased and noted that payments have been successfully processed on popular platforms such as Temu, Shein, and AliExpress. His remarks indicate that the bank has already begun to see practical results from the revised approach, with customers able to complete transactions more smoothly on services that are frequently used across the Maldives.
The latest announcement is likely to be viewed positively by both consumers and the wider financial community, as it reflects an effort to align customer expectations with prudent financial management. In an increasingly digital economy where online commerce plays an important role in everyday purchasing, access to international payment channels remains essential for households, entrepreneurs, and professionals alike. By linking expanded e-commerce access with a dollar investment framework, Bank of Maldives has introduced a solution that seeks to improve public confidence, support circulation of foreign currency through regulated channels, and promote greater participation in the country’s financial system.
For global readers observing the Maldivian market, the development highlights the evolving nature of financial innovation in a small island economy that is highly connected to international trade and digital consumer platforms. It also demonstrates how domestic financial institutions are exploring tailored mechanisms to manage foreign exchange pressures while continuing to meet the changing needs of the public. With the revised e-commerce limits now in effect and the investment programme already underway, Bank of Maldives appears to be advancing a strategy focused on flexibility, inclusion, and long-term sustainability in foreign currency management.
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