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 USD750 to USD1,200. The decision was made following discussions on a paper submitted by the Ministry of Finance during a cabinet meeting and 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. In addition, they explored providing financial support to BML for the implementation of the initiative through foreign exchange mechanisms outlined in the intervention policy of the Maldives Monetary Authority (MMA).
Speaking at a press conference held 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.