Economy
On September 12, 2026, the Bank of Maldives (BML) allocated $16 million per month for international e-commerce transactions using Maldivian Rufiyaa cards, and established a special limit of $3 million per month for the 150 most commonly used platforms, including Temu. Furthermore, despite paying the $500 million sukuk, the Maldives' total debt has remained above 100 billion Rufiyaa, exceeding 125 billion Rufiyaa. Additionally, in order to strengthen the value of the Maldivian Rufiyaa and curb the foreign exchange black market, amendments brought to the Foreign Exchange Act have made it mandatory to exchange 40 percent of resort revenues into Maldivian Rufiyaa through banks.
Bank of Maldives (BML) decided and announced on September 12, 2026, to allocate $16 million per month and introduce daily limits for transactions made on foreign e-commerce platforms using Maldivian Rufiyaa cards issued by the bank. Under this measure taken to sustainably manage the bank's foreign currency liquidity amid high foreign currency demand, the bank stated that the limits will reset daily at 7:00 AM. Under this new rule, a total monthly limit of $3 million (approximately $100,000 per day) has been established for 150 platforms most commonly used by the public, such as Temu and Alibaba. In addition, separate category limits have been set for other sectors such as social media, ticketing, and hotel bookings, while essential services such as education and healthcare are exempt from these limits.
Statistics released on September 12, 2026, revealed that although the government had paid off the sukuk debt, the Maldives' total debt once again surpassed 100 billion Rufiyaa. Despite the regular payment of the sukuk owed to international financial institutions, the increase in other domestic and external state debts was the main reason the debt ratio rose to this level. Along with this, relevant financial reports noted that further measures to cut expenditures must be taken in order to manage the state debt and reduce the budget deficit.
On 12 September 2026, key ideas and proposals were shared via a video regarding strengthening the value of the Maldivian Rufiyaa. The video highlights various measures that can be taken to maintain the value of the Maldivian currency and reduce reliance on foreign currency. Additionally, the proposal emphasizes the importance of formulating appropriate policies to improve the Maldives' financial situation and boost the value of the Maldivian Rufiyaa.