There will no longer be any obstacles to conducting online transactions and e-commerce through Bank of Maldives (BML), Minister of Economic Development and Trade Mohamed Saeed announced today. Speaking at a press conference held at the President's Office, the minister shared updates regarding the ongoing foreign currency situation and retail banking operations.
Minister Saeed explained that the difficulties previously faced by businesses and consumers when making online purchases—sparked by the country's dollar shortage—have been managed effectively by the national bank. He assured the public that, according to the latest information provided directly by BML, the issues that had disrupted e-commerce activity will not recur moving forward.
Beyond card-based retail transactions, the minister highlighted that significant progress is underway to normalise broader foreign exchange operations, including telegraphic transfers (TT) and the general issuance of foreign currency. Saeed noted that the national dollar liquidity crunch originated from an unprecedented sovereign debt burden, pointing out that the state had to service a historic $1.4 billion debt obligation.
Addressing the ongoing recovery, Minister Saeed stated: "With the challenges that impacted Bank of Maldives due to the dollar shortage, they have managed the situation very well. However, according to information now provided by Bank of Maldives, those difficulties will not arise again, God willing. Even in issuing foreign currency and processing TTs, conditions are shifting, and work is progressing rapidly to return to the previous normal status."
Despite the optimistic assurances from the government, commercial businesses have previously expressed frustration after BML's earlier timeline in September failed to immediately ease processing backlogs. Amid tight dollar availability, the bank had imposed stringent limits on card transactions, leaving the overall daily retail spending limit for the entire country capped at $16 million.