BML reverses suspension of foreign transactions for debit cards

The Bank of Maldives (BML) has reversed its decision to suspend foreign transactions through debit cards.

In a publication on Sunday evening, the country’s national bank confirmed that the changes to card limits for foreign transactions announced earlier on Sunday, have been reversed.

BML noted that the changes were reversed based on instructions from their regulator, the central bank, Maldives Monetary Authority (MMA).

BML revealed that the changes were in response to the increasing use of foreign currency on cards and the static scale of foreign currency to BML.

As such, the allowance for foreign transactions for existing debit cards linked to Maldivian Rufiya accounts was suspended. Allowances for foreign transactions for new debit and credit cards linked to MVR accounts were also suspended and the monthly limit for foreign transactions on existing standard and gold credit cards was limited to USD 100.