Bank of Maldives (BML) has announced the reversal of the US dollar transaction limits that were announced earlier. The decision comes after the bank's regulatory authority, Maldives Monetary Authority (MMA) issued instructions to amend the earlier changes.
The initial measures introduced by BML included the suspension of foreign transaction allowances for both existing and new debit cards, as well as new credit cards, when linked to MVR accounts. Additionally, for existing Standard and Gold credit cards, the monthly foreign transaction limit was reduced to USD 100.
These changes sparked widespread criticism, with many individuals voicing their concerns on social media. In response, BML has now lifted the previously announced dollar limits. As a result, BML debit and credit cards will have a foreign transaction allowance of USD 250. Furthermore, Maldivians residing abroad will be granted a monthly allowance of USD 750.
In an earlier statement, BML explained that the initial changes were based on a year-long analysis of card usage. The bank noted that it had purchased approximately USD 60 million in foreign currency from customers this year, while card usage far exceeded that amount. BML clarified that customers using USD credit cards and debit cards linked to USD accounts remain unaffected and can continue to use their available balances. The bank also recommended that customers with recurring international payments consider linking their debit cards to USD accounts to facilitate overseas transactions.