Following media speculation and confusion from the public, Bank of Maldives (BML) has clarified that no changes were brought to their card limits for foreign transactions abroad and in the Maldives.
Manager of Public Relations at BML, Mohamed Saeed told RaajjeMV exclusively that the bank would always be the first to disseminate information if such a big change were being implemented, while stressing that the press release currently circulating in the media was not the official word of the bank itself.
Following dollar shortages caused by a tourism industry struggling post-pandemic, BML has introduced limits to their cards for foreign transactions abroad and in the Maldives. The limit for BML cards being used in foreign countries is USD 750 per card per month, and cards in the Maldives have a monthly upper limit of USD 250 for foreign transaction.
The national bank 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.” BML maintains that this is “a temporary measure” taken due to the Covid-19 pandemic’s hard hit on the local economy, and that it will be reversed “when the situation allows."
The limits detailed above only apply to foreign transactions for cards linked to MVR accounts, and BML customers with debit cards and dollar accounts can proceed with transactions amounting to upwards of USD 3,000 per month.
While limits have been set on foreign transactions for BML cards, customers looking to extend their cards for health emergencies or education-related purposes may apply to to do so using the BML Internet Banking Service. Users of the service can apply for an extension with a copy of their visa under the "temporary card limit" type menu, with customers being informed of how their requests were processed within 24 hours of application.
At present, BML customers can use telegraphic transfer to process payments for colleges, universities and hospitals.
