BML raises dollar support for SME TT transactions to 30%
BML has also raised the monthly foreign transaction limit on debit cards issued for Maldivian Rufiyaa (MVR) accounts from USD 250 to USD 500.
The Bank of Maldives (BML) has announced an increase in its US dollar support for telegraphic transfers (TTs) made by Maldivian small and medium enterprises (SMEs), raising the allocation from the previous 5–10 per cent to 30 per cent of the TT amount.
The change, announced Monday, is aimed at facilitating foreign transactions for SMEs engaged in business activities that require dollar payments.
In a separate move, BML has also raised the monthly foreign transaction limit on debit cards issued for Maldivian Rufiyaa (MVR) accounts from USD 250 to USD 500, effective from Tuesday.
However, the bank stated that payments made to certain commercial websites using MVR-denominated debit cards will be subject to a fee of up to 30 per cent. These platforms include online sites commonly used for purchasing goods for business or resale purposes.
Additionally, customers withdrawing cash from overseas ATMs will be subject to a reduced monthly withdrawal limit of USD 125, with a charge of USD 10 per transaction.
The bank stated that these measures are part of efforts to manage foreign currency demand while supporting essential business needs.
