Bank of Maldives has announced changes to card limits for use on foreign transactions as a result of increased pressure on US Dollar liquidity.
In a statement today, the Bank expressed serious concerns on US Dollar outflow and the need to prioritize available dollars for essential imports. BML said that it had continued to assess the situation over the past months and with recovery in progress, is now pleased to announce an increase in the limit for its credit cards.
Bank said that from today onwards an increased limit of USD 500 per card will be in place for all Bank of Maldives credit cards for use on foreign transactions.
It said that this will be applicable for every 30-day period.
BML said that the existing limit of USD 250 will continue for all debit cards used locally that are linked to MVR accounts.
It said that customers with BML debit cards linked to dollar accounts can continue to use up to the current daily limit of USD 3,000.
BML noted that customers living abroad will continue to have a limit of USD 750 per month, per card.
It assured that the Bank would continue to support all medical and education payments through cards with temporary changes to the limits. Customers can submit supporting documents via Internet Banking for approval.