President Dr. Mohamed Muizzu has decided to increase the debit and credit card transaction limits for Bank of Maldives (BML) accounts of students studying abroad.

President Dr. Muizzu made this decision following discussions on a paper submitted by the Ministry of Finance during Sunday's cabinet meeting.

As such, the president made the decision to increase the debit and credit card transaction limits for BML accounts of students studying abroad from USD 750 to USD 1,200.

President's Office notes that the subsequent recommendations, represents the initial step in addressing the current foreign exchange shortage as pledged by the President.

During the meeting, the cabinet deliberated on increasing the necessary foreign exchange to raise the credit and debit card limits of BML.

Additionally, they explored providing financial support to BML for the implementation of this initiative through foreign exchange mechanisms outlined in the Maldives Monetary Authority (MMA)'s intervention policy.

With this, the President's decision to increase the credit limit will be effective from February 1, 2024. This was announced by the Principal Secretary to the President on Public Policy Abdulla Nazim Ibrahim, during a press conference held at the President's Office on Monday.