BML card limit hiked to $1200 for students
Due to dollar shortages following the Covid-19 pandemic, BML has applied an international transaction limit of $250 for debit cards and $750 for credit cards.
Bank of Maldives (BML) has increased the monthly withdrawal limit on credit and debit cards for students studying abroad to $1,200.
Due to dollar shortages following the Covid-19 pandemic, BML has applied an international transaction limit of $250 for debit cards and $750 for credit cards. It applies to all Maldivians, including those travelling abroad as well as students residing abroad.
Principal Secretary to the President on Public Policy Abdulla Nazim Ibrahim told a news conference at the President's Office on Monday that students studying abroad will be able to transact up to $1,200 from February.
“At the moment and that relief is only available to students abroad,” said Nazim, who was also the former health minister.
President Mohamed Muizzu's presidential promise is to increase card limits for trading abroad.
When asked when the card limit would be lifted as promised, Nazim said President Muizzu's intention is to increase the card limit for everyone going abroad. However, the card limits will be increased in phases after taking into account the amount of dollars received by Maldives and the impact, he said.
“The policy is to make dollars available to everyone who goes abroad in phases,” he said.
