Bank of Maldives (BML) has announced that they have increased the limit placed on credit cards for foreign transactions.
On 16th September 2020, BML announced changes to card limits for use on foreign transactions as a result of increased pressure on US Dollar liquidity. At the time, the Bank expressed serious concerns on US Dollar outflow and the need to prioritize available dollars for essential imports.
After assessing the situation over the past months and with recovery in progress, BML has today announced an increase in the limit to USD 500 per credit card, applicable to every 30-day period.
The existing limit of USD 250 will continue for all debit cards used locally that are linked to MVR accounts. Customers with BML debit cards linked to dollar accounts can continue to use up to the current daily limit of USD 3,000. Moreover, customers living abroad will continue to have a limit of USD 750 per month, per card.
BML stated that it will continue to support all medical and education payments through cards with temporary changes to the limits. Customers can submit supporting documents via Internet Banking for approval.