USD 60m purchased so far this year, have repeatedly said BML can only sell what we can buy: Stumke

CEO and Managing Director of the Bank of Maldives (BML), Karl Stumke has stressed that the bank has been able to purchase USD 60 million so far this year and tha they will only be able to sell what has been purchased.

On Sunday, BML announced changes to its card limits for foreign transactions, revealing that the changes are effective immediately.

The changes came in response to the increasing use of foreign currency on cards and the static scale of foreign currency to BML.

This came at a time President Dr. Mohamed Muizzu pledged to lift the USD transactions limit, during his presidential campaign.

The incumbent administration in January announced that the limit would be lifted to USD 1,200 from USD 750 for Maldivians studying abroad.

However, the pledge wasn’t implemented even when the deadline surpassed in February.

The bank’s call center has been experiencing a high volume of calls since the announcement was made.

Stressing that customers may have difficulties reaching out to them, BML instructed customers to continue reaching the bank via social media platforms or through Internet or Mobile Banking.

BML has also encouraged their customers to refer to their website for details on the changes to the foreign transaction limits. Our sincere apologies for any inconvenience caused.

The incumbent administration has drawn severe public criticism over the sudden decision to suspend foreign transactions, with many flooding social media platforms with their concerns.

With this change, the USD purchasing rates have spiralled significantly in the black market. As such, the dollar was trading at MVR 19 by Sunday afternoon.