Bank of Maldives BML says a new limit of USD 250 per month, per card has been introduced for all Bank of Maldives debit and credit cards for use on foreign transactions.
BML said to support Maldivians living overseas, the Bank has set an increased limit of USD 750 per month.
It said that these limits are applicable for customers using cards linked to MVR accounts for foreign transactions.
BML said that customers using dollar accounts for their BML debit cards can continue to do so within the current limits.
BML said while new lower limits have been introduced, the Bank will support all medical and education payments through cards with temporary changes to the limits.
It said that customers can submit supporting documents via Internet Banking for approval.
The Bank said that the change will not impact 95% of the Bank’s customers; and is a temporary measure taken to manage within the current environment, which will be reversed when the situation allows.
It noted that the Covid-19 pandemic has seen far-reaching economic and social consequences in the Maldives and around the world.
It said that the Bank of Maldives will continue to seek additional funding from overseas partners to ease the pressure on liquidity, and as the national bank, remains committed to supporting Maldivians through these challenging times.