The Chief Operating Officer CEO of the Bank of Maldives Karl Stumke says the Bank understands that the changes announced today will have a significant impact on its customers but expect the changes to be temporary.
The Bank today announced changes to its card limits for foreign transactions stating that 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.
Stumke reminded us that the Bank can only sell what it has been able to purchase.
The Bank's CEO went on to say that customers using their USD credit cards and/or debit cards linked to USD accounts are unaffected and are free to use up to the available account balance.
He also said that customers who have recurring international payments are recommended to have USD accounts as their debit cards’ primary account to process overseas purchases.
Stumke said that the Bank understands that its decision would have a significant impact on its customers and had not taken the decision lightly. He also said that the Bank expects the changes to be temporary and will review this from time to time.
