MDP Fayyaz Criticises BML’s New Foreign Transaction Policies
Chairperson of the MDP Fayyaz Ismail | Photo: MDP
The Maldivian Democratic Party (MDP) chairperson, Fayyaz Ismail, has criticised the recent policy changes by Bank of Maldives (BML) concerning foreign transactions.
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 formalizing a multiple exchange… https://t.co/Ax8JWU0CWz
— Fayyaz Ismail (@faya_i) June 30, 2025advertisement
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He described BML’s introduction of a 30% fee on foreign purchases via popular e-commerce platforms as effectively formalising a high exchange rate and legitimising what was previously an informal parallel market for USD to Maldivian Rufiyaa (MVR) exchange.
Fayyaz stated that the formalisation of a multiple exchange rate system reflects a failure by the current Progressive National Congress (PNC) government, highlighting an unstable and mismanaged economy.
He expressed concern that this measure is part of a series of misguided economic and foreign exchange policies that unfairly place the burden of policy failures on ordinary citizens. He urged the government to consult qualified experts and engage with the business community to rectify the situation before it causes irreversible harm.
Yesterday, the Bank of Maldives raised the monthly foreign transaction limit on MVR-denominated debit cards to USD 500. This applies to payments for goods and services made online or at physical merchants abroad. The new policy also imposes a transaction fee of up to 30% on purchases made through selected e-commerce platforms, including Temu, Shein, Alibaba, AliExpress, Lazada, and eBay.
In addition, ATM cash withdrawals overseas using MVR debit cards will be limited to USD 125 per month and will incur a fixed withdrawal fee of USD 10. These changes will take effect from 1 July 2025.
