The Ministry of Finance has stated that reports of the Bank of Maldives (BML) decreasing the dollar limit on their cards are a rumor.

Local media reports noted that if the scarcity of dollars available to the bank continues, they would reduce the current USD transaction limits on their cards. However, the Bank has not made any such announcement officially.

Regarding the reduction in card limits, BML said it was in discussions to review the existing card limits for foreign currency transactions from MVR accounts due to the difficulties faced by the bank in obtaining foreign currency.

The Finance Ministry said in a statement today that BML has not taken any decision to reduce the limit of dollars on their cards.

"The Bank of Maldives has assured the Ministry that it has not yet taken any decision to reduce the amount of foreign currency limitations on their debit and credit cards," the Finance Ministry said.

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

The Ministry of Finance is working with the MMA and BML to bring about positive changes in the card limit and foreign exchange market depending on the economic situation in the Maldives. The government is working to improve Maldive's financial and economic situation and provide easy access to foreign exchange to reduce debt risks, the Finance Ministry said.

They said that when this government took over, the financial crisis was very severe. The government will work to improve these issues and bring prosperity to the people, the Finance Ministry said.