Bank of Maldives (BML) has announced a collaboration with the Immigration to curb the misuse of card limits, specifically targeting foreign currency transactions made via ATMs and POS terminals abroad using cards belonging to individuals who are in the Maldives.
Speaking at a press conference yesterday, BML CEO and Managing Director Mohamed Shareef stated that a digital integration has been established between the bank and Maldives Immigration. Under this new system, foreign spending limits for ATM and POS transactions will only be activated when the cardholder is physically present overseas.
This measure follows months of observed abuse where individuals traveled abroad with multiple cards belonging to others to withdraw foreign currency. It comes at a time when the dollar shortage has intensified due to the ongoing conflict involving Iran.
To ensure that students studying abroad are not adversely affected by this change, BML has introduced a dedicated "Student Card."
This solution is designed for students who previously relied on their parents' cards because they did not have their own. The bank confirmed that these student cards will retain the special monthly foreign transaction limit of USD 1,200.
BML has provided a three-month period for students currently using their parents' cards to switch to the new student card. During this window, parents' cards will continue to function for the students' needs.
Prior to these announcements, BML had disclosed that its dollar revenue had declined following a drop in tourist arrivals linked to the Middle East conflict. The bank’s first-quarter report for this year had already cautioned that measures might be necessary due to the tightening dollar supply.
According to statistics released by BML, the bank recorded an inflow of USD 1.5 billion and an outflow of USD 1.4 billion by the end of April this year. This marks an increase compared to the same period last year, which saw an inflow of USD 1.2 billion and an outflow of USD 1.03 billion.
