BML Insists Subscriptions Excluded From New Foreign‑Spend Caps, But Vows to Resolve Declined Payments

In a move aimed at curbing the nation’s dollar outflows, the Bank of Maldives (BML) announced last month a cap on the number of overseas e‑commerce transactions that can be made using its MVR cards, limiting each cardholder to 30 purchases per month from foreign sites and imposing a daily ceiling on total national remittances. 

The restriction, introduced amid a persistent shortage of foreign currency, sparked a wave of complaints from users who said they could no longer pay for popular digital subscriptions—ranging from streaming services to software licences—because the new limits treated those recurring charges the same as one‑off purchases.

In a statement posted on the social‑media platform X, BML clarified that subscription payments would not be counted toward the daily foreign‑spend limit and that such payments would remain permissible. 

However, BML acknowledged that a number of subscription transactions have recently been declined by merchants, often due to technical mismatches or verification issues on the retailer’s end. 

At a press conference held earlier this week, President Dr Mohamed Muizzu confirmed that BML had briefed him on the new limits and assured the public that the restrictions would be relaxed “significantly” starting from the end of this month. 

The President emphasised that the government is working closely with the national bank to ensure that essential digital services remain accessible while the country manages its foreign‑exchange constraints.