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A BML debit card. (File Photo/BML)

Bank of Maldives hikes student debit card limit to $1200

The bank will continue to assess the dollar situation and will inform customers of any future changes, BML added.

23 October 2024

Bank of Maldives (BML) on Wednesday announced an increase in the monthly foreign transaction limit for debit cards for students abroad to $1,200 in the country that they are residing.

In a statement, BML said the change will be effective from November.

“While there continues to be challenges with USD availability, we also recognise the difficulties faced by students abroad. Today’s announcement reflects our commitment to prioritise and support their everyday financial needs while overseas,"  the bank's CEO Mohamed Shareef said.

Students will be required to register with the bank via an online portal to access the new increased limit, and must submit supporting documents.

The bank will continue to assess the dollar situation and will inform customers of any future changes, BML added.

The change comes a week after BML appointed Mohamed Shareef as its new Chief Executive Officer, becoming the first Maldivian CEO of the institution.

BML announced an opening for the post of CEO, following the resignation of former CEO Karl Stumke.

Stumke’s unexpected resignation on September 9 month has triggered speculation, particularly concerning his decision to enforce restrictions on transactions outside of cards issued to Rufiyaa accounts. The government is currently investigating the implications of these restrictions, which some speculate could be a financial coup.

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