The board of directors of the Bank of Maldives (BML) has decided to block dollar transactions from Rufiyaa cards.
BML has not officially commented on the decision, but sources with knowledge of the matter confirmed it to Adhadhu.
The national bank's decision is now "in the process of being implemented as soon as tomorrow," sources said.
"It is likely to be implemented tomorrow. Or very soon," one source stated.
The dollar is currently at MVR 18.40 on the black market amid the country's financial crisis. BML CEO Karl Stumke has previously said that "difficult decisions" could be made as the amount of dollars available to buy is less than the amount sold.
Speaking at the bank's annual general meeting in June, Karl said the bank sold USD 333 million more than it could buy last year and that is not sustainable.
With the implementation of the BML board’s decision, dollar transactions can only be possible with a dollar account. Although online subscriptions are currently paid with Rufiyaa cards, with the new decision such subscriptions will also have to be paid with dollar cards.
“[When this is implemented], transactions in dollars will not be possible without creating a dollar account and making that account the primary account,” a source said.
President Dr. Mohamed Muizzu pledged to increase the monthly dollar limit for Maldivian students in other countries, but the pledge has failed.
Meanwhile, the Privatization and Corporatization Board (PCB) sent a letter to dismiss BML Deputy CEO Aishath Nooruddin after the board decided not to allow dollar transactions with Rufiyaa cards.
