In a decision that will deeply affect many Maldivians, the Bank of Maldives has announced immediate changes to its card limits for foreign transactions, a move that is set to disrupt daily life for numerous individuals and families.
Effective today, the new restrictions are as follows:
Existing Debit Cards: Suspension of foreign transaction allowances for cards linked to MVR accounts.
New Debit and Credit Cards: No allowance for foreign transactions on MVR-linked cards.
Existing Standard and Gold Credit Cards: Monthly limit for foreign transactions reduced to USD 100.
According to the Bank of Maldives CEO Karl Stumke, the decision was driven by the disparity between the bank’s foreign currency purchases and the soaring demand from card transactions.
For ordinary Maldivians, the changes mean a tightening of their financial freedom. The suspension of foreign transaction allowances on MVR-linked cards will particularly affect those who rely on debit cards for online shopping, travel, and international subscriptions. Many individuals, who once used their cards for essential purchases and routine international payments, will now face significant hurdles.
Families planning to travel or students studying abroad are among those who will feel the pinch. For some, this will mean scrambling to open USD accounts or adjusting their budgets to cope with the reduced transaction limits. Despite the bank’s assurance that USD account holders are unaffected, the practicalities of opening and managing new accounts add an extra layer of complexity and stress.
BML CEO Stumke acknowledged the potential hardships these changes could cause, stating, “We have not made this decision lightly, but we must act to ensure we can continue to provide essential support to our economy.”
While the bank has promised to review these measures periodically and keep customers informed, the immediate reality for many will be a significant shift in how they manage their finances, coupled with the uncertainty of future changes. For now, Maldivians must navigate these new limitations while hoping for a swift resolution to the currency challenges affecting their daily lives.
Effective today, the new restrictions are as follows:
Existing Debit Cards: Suspension of foreign transaction allowances for cards linked to MVR accounts.
New Debit and Credit Cards: No allowance for foreign transactions on MVR-linked cards.
Existing Standard and Gold Credit Cards: Monthly limit for foreign transactions reduced to USD 100.
According to the Bank of Maldives CEO Karl Stumke, the decision was driven by the disparity between the bank’s foreign currency purchases and the soaring demand from card transactions.
For ordinary Maldivians, the changes mean a tightening of their financial freedom. The suspension of foreign transaction allowances on MVR-linked cards will particularly affect those who rely on debit cards for online shopping, travel, and international subscriptions. Many individuals, who once used their cards for essential purchases and routine international payments, will now face significant hurdles.
Families planning to travel or students studying abroad are among those who will feel the pinch. For some, this will mean scrambling to open USD accounts or adjusting their budgets to cope with the reduced transaction limits. Despite the bank’s assurance that USD account holders are unaffected, the practicalities of opening and managing new accounts add an extra layer of complexity and stress.
BML CEO Stumke acknowledged the potential hardships these changes could cause, stating, “We have not made this decision lightly, but we must act to ensure we can continue to provide essential support to our economy.”
While the bank has promised to review these measures periodically and keep customers informed, the immediate reality for many will be a significant shift in how they manage their finances, coupled with the uncertainty of future changes. For now, Maldivians must navigate these new limitations while hoping for a swift resolution to the currency challenges affecting their daily lives.
