The Ministry of Finance has dispelled reports of an impending significant decrease in card limits for foreign transfers, addressing concerns about a potential 90 percent reduction. Earlier, unnamed sources from the Bank of Maldives (BML) hinted at such a move due to a dollar shortage faced by the bank.
Contrary to these reports, the Finance Ministry released a statement affirming that no decision had been made to limit dollar transactions on cards. While ongoing discussions about potential measures were acknowledged, the ministry emphasized that BML had not taken any actions to decrease foreign currency transactions on credit and debit cards.
The statement revealed that the Finance Ministry is actively engaged in discussions with both the Bank of Maldives and the Maldives Monetary Authority to find solutions to the dollar shortage issue. It urged the media to exercise responsibility in reporting on economically sensitive matters, emphasizing the importance of verification to prevent undue concerns among the public.