Bank of Maldives PLC (BML) has set a new limit of USD 750 per month to support Maldivians living overseas.
A statement issued by the bank today said that the local economy, along with the world, has been hit hard by the COVID-19 and the disruption to the tourism sector has resulted in a subsequent decline in foreign exchange which in turn pressures on USD liquidity.
“Bank of Maldives has been compelled to take difficult but necessary steps to sustain its dollar outflow and prioritize funds for TTs for essential imports as well as overseas medical and education payments.” the bank said.
Anew limit of USD 250 per month, per card has been introduced for all Bank of Maldives debit and credit cards for use on foreign transactions as well.
The new limits are applicable for customers using cards linked to MVR accounts for foreign transactions. Customers using dollar accounts for their BML debit cards can continue to do so within the current limits.
While new lower limits have been introduced, the bank assured they will support all medical and education payments through cards with temporary changes to the limits. Customers can submit supporting documents via Internet Banking for approval.
“The change will not impact 95% of the Bank’s customers; and is a temporary measure taken to manage within the current environment, which will be reversed when the situation allows. The COVID-19 pandemic has seen far reaching economic and social consequences in the Maldives and around the world. Bank of Maldives will continue to seek additional funding from overseas partners to ease the pressure on liquidity, and as the national bank, remains committed to supporting Maldivians through these challenging times.” BML said.