The Bank of Maldives (BML) has announced a reversal of the recent changes to card limits for foreign transactions. This decision comes after instructions from the Maldives Monetary Authority (MMA).
On August 25, 2024, BML had implemented new restrictions on foreign transactions, which included suspending allowances for MVR-linked debit cards and reducing monthly limits on credit cards. This move had caused considerable concern among Maldivians who relied on these services for international purchases and travel.
In response to feedback and concerns raised by the public and financial institutions, the MMA intervened and directed BML to reverse these changes. As a result, the original card limits and allowances will be reinstated.
The reversal will restore the foreign transaction allowances for both debit and credit cards linked to MVR accounts, alleviating the disruptions many Maldivians faced. This move is expected to bring relief to those who use their cards for international transactions, including travel, online shopping, and subscriptions.
The Bank of Maldives and the Maldives Monetary Authority will continue to monitor the situation and make necessary adjustments to balance economic stability with customer needs.
On August 25, 2024, BML had implemented new restrictions on foreign transactions, which included suspending allowances for MVR-linked debit cards and reducing monthly limits on credit cards. This move had caused considerable concern among Maldivians who relied on these services for international purchases and travel.
In response to feedback and concerns raised by the public and financial institutions, the MMA intervened and directed BML to reverse these changes. As a result, the original card limits and allowances will be reinstated.
The reversal will restore the foreign transaction allowances for both debit and credit cards linked to MVR accounts, alleviating the disruptions many Maldivians faced. This move is expected to bring relief to those who use their cards for international transactions, including travel, online shopping, and subscriptions.
The Bank of Maldives and the Maldives Monetary Authority will continue to monitor the situation and make necessary adjustments to balance economic stability with customer needs.
