Opposition leader Fayyaz Ismail has sharply criticised the government following Bank of Maldives’ (BML) decision to impose a 30 percent fee on MVR card payments made to major international e-commerce platforms.
Fayyaz, who is also the chairperson of the Maldivian Democratic Party (MDP), said the new measure effectively formalises a multiple exchange rate system and legitimises what had previously been an informal parallel market for US dollars.
“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,” Fayyaz wrote on X, formerly known as Twitter.
“That we have reached the point of formalising a multiple exchange rate system is a direct failure of the current PNC government — a sign of an unstable and mismanaged economy.”
Fayyaz, who served as Minister of Economic Development in the previous administration, described the move as “yet another troubling step in a series of misguided economic and foreign exchange policies” and warned that it shifts the burden of policy failure onto ordinary citizens. He urged the Muizzu administration to seek expert advice and consult with the business community to reverse course before “irreversible damage is done”.
BML announced the new fee on Monday as part of changes to foreign transaction limits on MVR-linked debit cards. While the bank doubled the monthly foreign spending limit from US$250 to US$500, a 30 percent fee will now apply to payments made to a list of specific merchants, including Temu, SHEIN, Alibaba, AliExpress, Lazada and eBay — all of which are widely used by Maldivians.
The bank said that the decision was driven by the high volume of dollar outflows to a small number of international shopping sites. According to sources familiar with the matter, BML is spending around US$20 million each month to process such transactions.
Transactions to other international websites — such as those used for booking flights, hotel stays or subscriptions — are not affected by the new charge.
Experts warn that the policy is expected to disproportionately affect ordinary Maldivians, especially young consumers and families who frequently shop from platforms like SHEIN and Temu due to their affordability and delivery convenience.