President Dr. Mohamed Muizzu has decided to increase the debit and credit card transaction limits for Bank of Maldives (BML) accounts of students studying abroad from USD 750 to USD 1,200. This decision, made following discussions on a paper submitted by the Finance Ministry during Sunday’s Cabinet meeting and subsequent recommendations, represents the initial step in addressing the current foreign exchange shortage as pledged by the President.
At the meeting, the Cabinet deliberated on increasing the necessary foreign exchange to raise the credit and debit card limits of BML. Additionally, they explored providing financial support to BML for the implementation of this initiative through foreign exchange mechanisms outlined in the Maldives Monetary Authority (MMA)'s intervention policy.
At a press conference held today at the President's Office on the Cabinet meeting, Principal Secretary to the President on Public Policy Abdulla Nazim Ibrahim stated that the President's decision to increase the credit limit will be effective from February 1, 2024.
