The Bank of Maldives (BML) has decided to further reduce the limit on transactions on its cards if the scarcity of available dollars to the Bank continues.

One Online has learned that BML has decided to reduce the limit of cards if the dollar tightness continues in the coming days. However, the bank has not yet officially announced it. It is also unclear how much the reduction will be.

Currently, there is a USD 250 per month limit for debit cards and a USD 750 limit on credit cards.

On the reduction in card limits, BML said it is reviewing the existing card limits for foreign currency transactions from rufiyaa accounts due to difficulties in receiving foreign currency.

"The bank has not yet set a specific limit. Nor has it set a date for a new limit to come into effect," BML said.

Cards issued for Rufiyaa accounts opened in Maldivian banks except BML cannot be used for transactions abroad.