Bank of Maldives (|BML) has announced a new limit for foreign transactions.
The change, which came into effect on Wednesday, sees a USD 250 foreign transaction limit per month, per card, for all BML debit and credit cards.
The bank emphasized that they are offering a USD 750 limit per month to Maldivians living overseas.
These limits are applicable for customers using cards linked to MVR accounts for foreign transactions. Customers using dollar accounts for their BML debit cards can continue to do so within the current limits
~ Bank of Maldives
Despite the new lower limit, BML said that it will support all medical and education payments.
The national bank further said the foreign transaction limit was introduced due to the pressure on dollar liquidity and to sustained dollar outflow, following “disruption to tourism activities and the subsequent decline in foreign exchange earnings.”
Noting that it welcomes the Maldives Monetary Authority (MMA)’s decision to increase dollars to banks for essential imports, BML said that it still had to impose additional measures.
It said that this is “a temporary measure” taken due to the Covid-19 pandemic’s hard hit on the local economy, and that the change will not impact 95 percent of the bank’s customers. BML stressed this will be reversed “when the situation allows.”
Further, Bank of Maldives said that it “will continue to seek additional funding from overseas partners to ease the pressure on liquidity” adding that as the country’s national bank, it “remains committed to supporting Maldivians through these challenging times.”
In late August, BML brought changes to its incoming credit process to USD accounts, from online overseas money transfer platforms.