The Bank of Maldives (BML) has announced plans to introduce a special card for students studying abroad, while also implementing measures to prevent the overseas use of cards belonging to individuals who are physically present in the Maldives at the time of the transaction.
Speaking to the media, BML CEO and Managing Director Mohamed Shareef said these steps are being taken because the amount of USD being spent exceeds the amount being purchased from the bank.
He explained that the bank must take measures to ensure that foreign currency is available for the most essential needs of all citizens. In this regard, cases have been identified where cards issued to individuals residing in the Maldives are being used abroad for transactions and cash withdrawals. To address this, the bank has decided to restrict the use of such cards overseas.
Shareef noted that these measures will be implemented through digital integration between BML and Maldives Immigration.
He also highlighted that some individuals are using other people’s cards to withdraw cash from ATMs and carry out transactions abroad. He expressed hope that the new measures will help stop such practices and ensure fairer access to foreign currency for all citizens.
Additionally, Shareef stated that arrangements will be made for students studying overseas who do not have their own cards, allowing them to use a guardian’s card even if the guardian resides in the Maldives. He added that a special card with a set limit will be introduced specifically for these students.
“For students abroad, a special limit of up to USD 1,200 will be set. We are working to establish a system so they can easily access and use these cards. We aim to implement these changes as soon as possible,” he said.
He further noted that the introduction of this special student card will provide additional convenience and benefits to students studying overseas.