The Bank of Maldives (BML) has decided to reduce the transaction limit for using BML cards overseas by 10 percent and to implement the changes this month amid an acute dollar shortage, Adhadhu has learned.
A credible source told Adhadhu that the bank decided to reduce the foreign transaction limit for both credit and debit cards. The new limits are part of measures that the bank's board decided to take if the dollar crisis remains unresolved, the source said.
The current limit for transactions with BML debit cards in other countries is USD 250 per month. The limit for credit cards is USD 750 per month. With the changes that the bank has decided to make, the new transaction limits would be:
- Debit cards - USD 225
- Credit cards - USD 675
When Adhadhu contacted the bank for an official comment, a BML official said the bank's decisions concerning dollars are based on its dollar reserves. This was the same reason cited by the bank to stop dollar support for telegraphic transfers (TT) by businesses and to oppose raising the dollar withdrawal limit for Maldivian students overseas.
In response to rumors and media reports, some of which claimed that the bank was planning to reduce the limit by 90 percent, BML said it has not determined new foreign transaction limits.
A decision has not been made yet but the existing dollar limits are currently being reviewed, BML said.
"Due to difficulties faced by the bank in obtaining foreign currency, we are reviewing the present card limits set for foreign currency transactions from Rufiyaa accounts. The bank has not set a specific limit yet. And the bank has not determined a date for enforcing the new limit," an official said as the bank's formal response.
The bank faced a dollar shortage due to the low amount of dollars converted through the official banking system.
