Bank of Maldives BML has today announced changes to its card limits for foreign transactions. These changes are effective immediately and are in response to the escalating usage of foreign currency spent on cards and the static sale of foreign currency to the Bank.
The Bank said that for existing debit cards, suspension of allowance for foreign transactions for cards linked to MVR accounts. It said that for new debit cards and credit cards, foreign transactions would be suspended for cards linked to MVR accounts.
It further said that for existing Standard and Gold credit cards, the monthly limit for foreign transactions was reduced to USD 100.
Bank of Maldives CEO and Managing Director Karl Stumke said that the Bank has been monitoring card usage over the past year and that he had reiterated in numerous speeches and interviews that the Bank can only sell what it has been able to purchase.
These changes would have a broad impact on locals as well as students studying abroad as they won't be able to use their MVR-linked debit cards to withdraw USD or make purchases abroad.
