The government has announced an increase in the card limit starting from February, allowing Maldivian students studying abroad to withdraw USD 1,200 per month from Bank of Maldives (BML) credit and debit cards.
Speaking at a press conference held at the President's Office, Principal Secretary to the President on Public Policy, Abdulla Nazim Ibrahim, expressed concern about the difficulties faced by students studying abroad, who are currently only able to withdraw USD 750 per month.
To address the issue, Nazim stated that the cabinet discussed the matter and decided to increase the limit to USD 1,200 per month, effective from February 1.
BML has been revising and increasing the usage limit after initially restricting online transactions in response to the Covid-19 pandemic. The last revision of the card limit occurred in 2021, with the limit for online transactions using credit cards set at USD 750. Debit cards still carry a limit of USD 250 for foreign transactions each month.
Increasing the transaction limit was a presidential pledge made by President Dr. Mohamed Muizzu.
Bank of Maldives CEO Karl Stumke said in an exclusive interview with 'Mihaaru News' last week that card limits for online transactions cannot be removed because the dollar issue has not been resolved.
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