Govt set to fail on pledge to boost card dollar limit

Though the Cabinet has decided to increase the monthly limit of banking cards for foreign students to USD 1,200 from the first of February, the bank is still in the process of facilitating the government's decision.

The dollar limit will not be increased on Thursday as per the Cabinet’s decision.

Currently, Maldivian students abroad can withdraw USD 750 per month through their BML cards.

Last month, the Cabinet decided to allow Maldivians studying abroad to transact up to USD 1,200 from next month.

BML on Wednesday said it is still in negotiations with the Ministry of Finance to increase the dollar transaction limit on its cards.

The bank said it is discussing the amount of dollars required, the magnitude of the change, and a mechanism to increase the limit.

BML said the dollar assistance to customers is based on the amount of foreign currency available to the bank.