President Dr. Mohamed Muizzu has announced a significant increase in the debit and credit card transaction limits for Bank of Maldives (BML) accounts. The decision, approved following discussions on a proposal presented by the Ministry of Finance during a cabinet meeting, is the first step in addressing the current foreign exchange shortage, aligning with the President’s commitment to economic stability.
President Muizzu’s decision involves raising the transaction limits for students studying abroad from USD 750 to USD 1,200. The cabinet meeting focused on deliberations regarding the augmentation of necessary foreign exchange to facilitate the increased credit and debit card limits for BML accounts. The government also explored avenues for providing financial support to BML in implementing this initiative, utilizing foreign exchange mechanisms outlined in the intervention policy of the Maldives Monetary Authority (MMA).
Speaking at a press conference held at the President’s Office, Principal Secretary to the President on Public Policy, Abdulla Nazim Ibrahim, conveyed that the President’s decision to augment the credit limit will come into effect starting February 1, 2024. This timely intervention aims to alleviate financial constraints faced by students abroad, demonstrating the government’s commitment to supporting the educational pursuits of Maldivian students and addressing economic challenges through targeted measures.