The Bank of Maldives (BML), on Wednesday, imposed limits on it Debit and Credit Cards for foreign transactions involving Maldivian Rufiyya accounts only, citing reasons for the change as being in response to the COVID-19 pandemic and "subsequent decline in foreign exchange".
"Bank of Maldives has been compelled to take difficult but necessary steps to sustain its dollar outflow and prioritize funds for TTs for essential imports as well as overseas medical and education payments", said the bank.
For all local transactions, BML has introduced a USD 250 limit for each card, per month on both debit and credit cards with primary MVR account, while an increased limit of USD 750 is applicable for customers living overseas.
Moreover, the limits are not applicable to transactions carried out through BML's USD ATMs.
According to BML, "the change will not impact 95 percent of the Bank’s customers; and is a temporary measure taken to manage within the current environment, which will be reversed when the situation allows".
In order to support medical and education payments for those situated abroad, customers can request for temporary increases on limits.
BML "will continue to seek additional funding from overseas partners to ease the pressure on liquidity, and as the national bank, remains committed to supporting Maldivians through these challenging times".