Dollar shortage forces BML to mull card limit slash
A reliable source told Atoll Times on Monday that the bank is mulling a decision to slash the USD limit on its debit and credit cards to just USD25 a month, if
Summary
A reliable source told Atoll Times on Monday that the bank is mulling a decision to slash the USD limit on its debit and credit cards to just USD25 a month, if the dollar shortage does not improve in the near future.
Maldives' national bank, Bank of Maldives (BML) is considering a move to limit the foreign currency limit on its debit and credit cards amid the ongoing severe dollar shortage, Atoll Times has learned.
A reliable source told Atoll Times on Monday that the bank is mulling a decision to slash the USD limit on its debit and credit cards to just USD25 a month, if the dollar shortage does not improve in the near future.
BML currently offers a monthly limit of USD250 on its debit and USD750 on its credit cards.
However, the official on condition of anonymity was quick to insist that the bank was still reviewing the USD limit on its cards. No decision has been made thus far, official added.
The move if implemented would be another huge blow to the government after it failed on its pledge to boost the USD limit on cards to USD1,200 for local students abroad.
The government had pledged to raise the limit for students studying abroad from the beginning of this month. However, negotiations between BML and the finance ministry were futile, and the government was forced to backtrack on its pledge.
