Shahid Denounces BML’s New Fee on MVR Cards as ‘Profiteering Scheme’

MDP President Abdulla Shahid condemned Bank of Maldives' new 30% fee on foreign e-commerce transactions using MVR debit cards, calling it a profiteering scheme that worsens the cost-of-living crisis. He accused the government of engineering a foreign currency shortage. Opposition leader Fayyaz Ismail also criticized the fee as formalizing a multiple exchange rate system. BML increased the monthly foreign spending limit from $250 to $500 but imposed the fee on platforms like Temu, SHEIN, Alibaba, AliExpress, Lazada, and eBay. Economists warn the policy disproportionately impacts lower-income households.

MDP President Abdulla Shahid condemned Bank of Maldives' new 30% fee on foreign e-commerce transactions using MVR debit cards, calling it a profiteering scheme that worsens the cost-of-living crisis. He accused the government of engineering a foreign currency shortage. Opposition leader Fayyaz Ismail also criticized the fee as formalizing a multiple exchange rate system. BML increased the monthly foreign spending limit from $250 to $500 but imposed the fee on platforms like Temu, SHEIN, Alibaba, AliExpress, Lazada, and eBay. Economists warn the policy disproportionately impacts lower-income households.

MDP President Abdulla Shahid condemned Bank of Maldives' new 30% fee on foreign e-commerce transactions using MVR debit cards, calling it a profiteering scheme that worsens the cost-of-living crisis. He accused the government of engineering a foreign currency shortage. Opposition leader Fayyaz Ismail also criticized the fee as formalizing a multiple exchange rate system. BML increased the monthly foreign spending limit from $250 to $500 but imposed the fee on platforms like Temu, SHEIN, Alibaba, AliExpress, Lazada, and eBay. Economists warn the policy disproportionately impacts lower-income households.

This story involves 1 source and may affect public understanding of banking fees / foreign exchange.