Bank of Maldives (BML) on Saturday announced changes to card limits for use on foreign transactions as a result of increased pressure on US Dollar liquidity.
At the time, the Bank expressed serious concerns on US Dollar outflow and stressed the need to prioritize available dollars for essential imports. The Bank continued to assess the situation over the past months and with recovery in progress and has now announced an increase in the limit for its credit cards. Therefore, from 17th July 2021, an increased limit of USD 500 per card will be in place for all Bank of Maldives credit cards for use on foreign transactions. This will be applicable for every 30-day period.
The existing limit of USD 250 will continue for all debit cards used locally that are linked to MVR accounts. Customers with BML debit cards linked to dollar accounts can continue to use up to the current daily limit of USD 3,000 and customers living abroad will continue to have a limit of USD 750 per month, per card.
BML said it 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. BML will continue to assess the situation and will inform customers of future changes.