The Finance Ministry has denied reports that the Bank of Maldives (BML) had decided to reduce the transaction limit for using cards overseas.
BML confirmed to the ministry that a decision has not been made on reducing the foreign transaction limit, the ministry said in a statement.
A credible source told Adhadhu earlier that the national bank 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.
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.
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.
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.
The bank faced a dollar shortage due to the low amount of dollars converted through the official banking system.
