Following speculation caused by a fake press release circulating across social media, Bank of Maldives (BML) has clarified that no changes were brought to their card limits for foreign transactions abroad and in the Maldives.
Following dollar shortages caused by a tourism industry struggling post-pandemic, BML has introduced limits to their cards for foreign transactions abroad and in the Maldives. The limit for BML cards being used in foreign countries is USD 750 per card per month, and cards in the Maldives have a monthly upper limit of USD 250 for foreign transactions.
The bank stated the foreign transaction limit was introduced due to the pressure on dollar liquidity, following “disruption to tourism activities and the subsequent decline in foreign exchange earnings.” BML maintains that this is a temporary measure taken due to the Covid-19 pandemic’s hard hit on the local economy, and that it will be reversed when the situation allows.
The limits only apply to foreign transactions for cards linked to MVR accounts. BML customers with USD accounts as their primary account for their card can proceed with transactions upwards of USD 3,000 monthly.
While limits have been set on foreign transactions for BML cards, customers looking to extend their cards for health emergencies or education-related purposes may apply to do so using the BML Internet Banking Service.
At present, BML customers can use telegraphic transfer to process payments for colleges, universities and hospitals.
