Bank of Maldives (BML) has announced that they are increasing the credit card budget for foreign transactions. from Saturday.
While the bank's decision to set a limit for foreign transactions at USD 250 per month for all BML debit and credit cards was met with public outrage, its Chief Executive Officer and Managing Director Tim Sawyer on Thursday announced the decision to increase the limit, at its Annual General Meeting.
He said that this will come into effect on Saturday, but did not disclose a new limit.
Sawyer said that despite there still being challenges, that the bank is "in a much better position today than this time last year and will bounce back from the dip in performance".
We will inevitably face challenges, but we have the strength to overcome these as we work for sustainable growth.Tim Sawyer, BML's Chief Executive Officer and Managing Director
He further revealed "exciting new products and services" are in the works, adding that the bank has a great team to deliver its strategy.
Due to the massive shortage of dollars entering the country following Covid-19 restrictions, BML brought a change to the credit card budget for overseas transactions on 16th September 2020.
As of now the credit card and debit card limit is USD 250 a month. However, if your primary account in your debit card is a US dollar account, the limit is USD 3,000 per day and Maldivians who live abroad are given a limit of USD 750 per month. Moreover, BML is providing assistance to those who need to make payments for educational and medical purposes with their cards.
