Opposition Leader Slams BML’s New 30% Fee on Foreign Shopping Transactions

Opposition leader Fayyaz Ismail criticized Bank of Maldives' new 30% fee on MVR card payments to major international e-commerce platforms like Temu and SHEIN. He argued it formalizes a multiple exchange rate system and reflects economic mismanagement by the PNC government. BML doubled the monthly foreign spending limit from $250 to $500 but added the fee on specific merchants. BML spends about $20 million monthly on these transactions. Experts warn the policy will disproportionately affect ordinary Maldivians, especially young consumers and families.

Opposition leader Fayyaz Ismail criticized Bank of Maldives' new 30% fee on MVR card payments to major international e-commerce platforms like Temu and SHEIN. He argued it formalizes a multiple exchange rate system and reflects economic mismanagement by the PNC government. BML doubled the monthly foreign spending limit from $250 to $500 but added the fee on specific merchants. BML spends about $20 million monthly on these transactions. Experts warn the policy will disproportionately affect ordinary Maldivians, especially young consumers and families.

Opposition leader Fayyaz Ismail criticized Bank of Maldives' new 30% fee on MVR card payments to major international e-commerce platforms like Temu and SHEIN. He argued it formalizes a multiple exchange rate system and reflects economic mismanagement by the PNC government. BML doubled the monthly foreign spending limit from $250 to $500 but added the fee on specific merchants. BML spends about $20 million monthly on these transactions. Experts warn the policy will disproportionately affect ordinary Maldivians, especially young consumers and families.

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