Debit card USD limit increase is a major scam: MP Nazil
Nazil stated that increasing the debit card limit to USD 500 is a major scam by the government
MDP Parliamentary Group Leader and South Hithadhoo Constituency MP Ibrahim Nazil
MP for South Hithadhoo constituency Ibrahim Nazil, has stressed that increasing the dollar limit of debit cards to USD 500 is a major scam.
On Monday, Bank of Maldives (BML) abruptly announced that from 1 July 2025, they will charge a 30 percent fee on transactions made by Maldivians using their debit cards for general business purposes, and increased the dollar limit on cards to USD 500.
The country’s national bank has also reduced the dollar limit for withdrawals from ATMs abroad using debit cards. While previously USD 250 could be withdrawn per month, with this change, only USD 125 can be withdrawn. BML will also charge a USD 10 ATM fee for cash withdrawal transactions.
Regarding this change, during the People's Majlis sitting held on Monday, Member Nazil said that the talk of increasing the debit card limit to USD 500 is a major scam by the government. He also stated that USD 500 will not be available.
In addition to MP Nazil, several ordinary citizens have directed criticism towards the government and BML.
With this decision, several members of the public have been saying that it will greatly inconvenience ordinary citizens who conduct business online, and force Maldivians living abroad to buy dollars at high prices.
Since the current administration took office, the availability of dollars has tightened significantly, with the exchange rate continuing to rise rather than stabilize. Despite legal requirements for businesses earning foreign currency to deposit their income in Maldivian banks, the dollar rate shows no sign of decreasing.
The government asserts that recent legal changes have boosted dollar availability and strengthened the banking system. However, due to the continued scarcity of dollars through official channels, Maldivian citizens are still compelled to turn to the black market, where rates range between MVR 19 and MVR 20.
