The Bank of Maldives (BML) recently made a decision that has upset many Maldivians. BML added a 30% fee on MVR debit card payments for popular online shopping sites like Temu, Shein, Alibaba, AliExpress, Lazada, and eBay. While BML also raised the foreign transaction limit from USD 250 to USD 500, this new fee makes online shopping much more expensive for regular people. 30% fee is to stop people from using personal debit cards for business purchases, which they claim hurts the country’s foreign currency reserves.
The Maldives relies heavily on imports, and its foreign reserves are limited—recently reaching USD 832.1 million with help from a currency swap with India. But this fee doesn’t just target businesses; it hits everyone using these websites.For many Maldivians, shopping online is a cheaper way to buy things because local stores often charge very high prices. For example, a USD 100 item now costs USD 130 with the fee, which is about MVR 20 at bank rates.
This makes online shopping as expensive as or worse than local stores. The fee only applies to certain websites, not others like hotel or flight bookings, which feels unfair and confusing.This policy makes life harder for ordinary Maldivians. Many rely on these websites to buy affordable clothes, electronics, or household goods. Small business owners who use these platforms to source products are also hit hard.
With the Maldives’ economy already struggling—imports far outweigh exports, and reserves cover only 1.7 months of imports—this fee could push people to use risky black-market currency exchanges, where rates are higher (MVR 18–20 per USD).The fee also seems to favor the wealthy. People with USD accounts or offshore banking options can avoid the fee, while regular citizens with MVR debit cards pay extra. There’s no limit on how small a purchase gets charged, so even a USD 10 item costs USD 13.
The public has expressed anger on X, calling the fee unfair. Many say it makes life harder for average people while the rich find ways around it. Some worry BML might add more websites to the fee list, making online shopping even tougher.MDP leaders have strongly criticized the policy. MDP Chairperson Fayyaz Ismail posted on X has criticised the policy changes by Bank of Maldives (BML) concerning foreign transactions.” He called the fee a burden on citizens and questioned BML’s fairness.
MDP President Abdulla Shahid posting on X: “The increase in bank of maldives foreign card limit to USD 500 is not a win for the people—it’s a cleverly disguised scheme to extract more from the public. A new 30% fee on MVR debit card transactions for e-commerce makes purchasing goods online more expensive than the black market.
Shahid argues the fee is a trick to squeeze money from ordinary Maldivians while letting the privileged escape. A Better Way Forward BML’s 30% fee is a bad move that hurts people more than it helps the economy. Instead of charging everyone, BML could limit high-volume business transactions or use technology to track misuse without penalizing small shoppers. The lack of clear reasons for targeting specific websites and no public discussion before the decision makes it feel unfair.
