Bank of Maldives announced a 30 percent fee on MVR card payments to major international e-commerce platforms while doubling the monthly foreign spending limit from US$250 to US$500. Opposition leader Fayyaz Ismail criticised the move as formalising a multiple exchange rate system and legitimising an informal parallel market for US dollars.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
BML's 30% fee on foreign transactions through widely used e-commerce platforms effectively cements a high exchange rate and gives official recognition to what was previously an informal parallel market for USD-MVR,
That we have reached the point of formalising a multiple exchange rate system is a direct failure of the current PNC government — a sign of an unstable and mismanaged economy.
yet another troubling step in a series of misguided economic and foreign exchange policies
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
While the bank doubled the monthly foreign spending limit from US$250 to US$500, a 30 percent fee will now apply to payments made to a list of specific merchants, including Temu, SHEIN, Alibaba, AliExpress, Lazada and eBay — all of which are widely used by Maldivians.
Word for word from the report in Maldives Republic. Open the report
While the bank doubled the monthly foreign spending limit from US$250 to US$500, a 30 percent fee will now apply to payments made to a list of specific merchants, including Temu, SHEIN, Alibaba, AliExpress, Lazada and eBay — all of which are widely used by Maldivians.
Word for word from the report in Maldives Republic. Open the report
According to sources familiar with the matter, BML is spending around US$20 million each month to process such transactions.
Word for word from the report in Maldives Republic. Open the report