Significant relief on USD transaction limits for bank cards will be introduced by the end of this month: Pres.

President Dr. Mohamed Muizzu has announced that a significant easing of the dollar limit for foreign transactions on Bank of Maldives (BML) Maldivian Rufiyaa debit and credit cards will be implemented later this month.

The President made these remarks while responding to a question from a journalist during a press conference held on Monday.

President Muizzu stated that he has consulted with the Bank of Maldives to gather information regarding the current challenges faced in conducting dollar transactions through banks. The President noted that, based on the information provided by the bank, there are indications that card limits will be significantly eased by the end of this month.

However, based on information I obtained from the bank yesterday, there are indications that significant further concessions will be granted toward the end of this month.

President Dr. Mohamed Muizzu

In recent days, Bank of Maldives (BML) has significantly restricted foreign transaction limits on Maldivian Rufiyaa cards. These measures have caused substantial difficulties for students studying abroad, online shoppers, and small to medium-sized enterprises.

According to the bank, it currently facilitates $1.33 million in daily foreign exchange for transactions made via cards linked to Maldivian Rufiyaa accounts. However, the bank previously stated that the demand for dollars required to settle these transactions exceeds the volume of foreign currency it receives. Consequently, it has strengthened its internal systems to prioritize and ensure the availability of foreign exchange for the essential needs of the public.