SBI limits USD transactions to USD 100 per month

The State Bank of India (SBI)’s Maldives branch has decreased the amount of USD that can be used from the bank’s cards in foreign countries.

In an email sent to the bank’s customers, SBI said effective from December 29, 2020, transactions using the bank’s cards in foreign countries have been limited up to USD 100 per month. Earlier last year, the limit had been set at USD 250.

Experts believe the step was taken due to the reduced number of dollars entering the Maldives’ banking system as a result of the COVID-19 pandemic. Although tourism has been improving, the dollar issue has not been improving thus far. The country’s national bank also limited the amount of dollars its customers can use in a month to USD 250.