As a result of increased pressure on US Dollar liquidity and the concerns on US Dollar outflow, the Bank of Maldives (BML) has announced changes to foreign transaction limits last year.

BML has said that from 17th October 2021, an increased limit of USD 750 will be in place for American Express (Green/Gold), Visa (Classic/Gold), and Mastercard (Standard/ Gold).

Meanwhile, the existing limit of USD 250 will continue for all debit cards used locally that are linked to MVR accounts, and customers living abroad will continue to have a limit of USD 750 per month, per debit card, said BML. Further, customers with other credit cards not listed above will have increased limits based on card type. Which will be communicated to BML customers within the week.

Customers with BML debit cards linked to dollar accounts can continue to use up to the current daily limit of USD 3,000.

The Bank reassured that it will continue to support all medical and education payments through cards with temporary changes to the limits. Hence, customers can submit supporting documents via Internet Banking for approval.

BML also said that it will continue to assess the situation and will inform customers of future changes.