The Bank of Maldives BML has reversed its decision to limit foreign transactions on its cards.
The bank said that changes to card limits for foreign transactions announced today have been reversed based on instructions from its regulator, the Maldives Monetary Authority MMA.
Earlier today, the country plunged into a state of crisis after the country's main bank BML announced that it would limit foreign transactions on cards linked to MVR accounts.
The Bank said that for existing debit cards, suspension of allowance for foreign transactions for cards linked to MVR accounts. It said that foreign transactions would be suspended for new debit cards and credit 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.
