Spending relief: BML to relax foreign transaction limits before month’s end
BML will increase international spending limits for Rufiyaa cardholders by the end of the month following a surge in dollar demand. Despite current monthly caps of 1,000 USD for general use and 3,000 USD for essential travel costs, the bank has seen a 47 percent rise in foreign currency distribution this year. Supported by the Maldives Monetary Authority, the institution continues to offer the highest foreign spending ceilings in the country.
The Bank of Maldives (BML). | BML
The Bank of Maldives (BML) is preparing to ease its current caps on overseas card transactions before the close of this month.
Following a period where customer demand for U.S. Dollars outpaced the institution's available supply, the country’s national bank instituted limits on international digital and e-commerce purchases for Maldivian Rufiyaa cardholders last month.
BML representatives confirmed that positive revisions to these online spending thresholds are actively being processed, with patrons scheduled to benefit from the changes before the current month concludes.
Under the bank's active guidelines, individuals traveling internationally are authorized to spend up to USD 1,000 per month via point-of-sale machines.
An independent monthly threshold of USD 3,000 remains accessible for purchasing plane tickets, reserving lodging and settling hospital bills.
The institution noted that these distinct caps have not been altered since their most recent expansion, adding that it will continue offering supplementary assistance to clients facing obstacles with vital medical or educational payments.
Internal banking statistics highlight a major upward trend in total dollar distribution. Throughout the initial five months of this year, BML issued USD 345 million, allocating USD 198 million toward card-based spending and USD 147 million to commercial businesses. This output averages USD 69 million released per month, representing a 47 percent jump when evaluated against the exact same five-month stretch from the previous year.
BML officials reiterated their focus on distributing as much foreign currency as possible to satisfy public demand, noting that the Maldives Monetary Authority (MMA) has guaranteed its institutional backing in the effort.
When measured against competing financial institutions operating within the country, BML continues to maintain the highest foreign spending ceilings for Maldivian Rufiyaa card users.
