Nasheed calls for public awareness on economic challenges
The bank said in a press release that the dollar transactions on bank cards are three times higher than the dollar revenue received by the bank.
By
Aishath Maha
Former President Mohamed Nasheed has said that the government should explain to the people how the financial situation of the Maldives has reached this point, what is expected to happen next, and how the government plans to deal with the crisis.
The national bank, Bank of Maldives (BML) on Sunday made it impossible to make transactions abroad with debit cards and new credit cards issued to BML Rufiyaa accounts.
In an X post, Nasheed said that all political leaders in Maldives have a huge responsibility in bringing the people up to speed on the current economic status of the country.
Many people are expressing concerns on social media with the BML change.
The bank said in a press release that the dollar transactions on bank cards are three times higher than the dollar revenue received by the bank.
Debit cards issued for Rufiyaa accounts used to be charged USD 250 per month for transactions abroad.
BML announced the changes in card limits in a press release on Sunday. The changes are:
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Currently issued debit cards: if the primary account of the card is designated as a Rufiyaa account, no amount will be available for transactions abroad
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Currently issued standard, gold credit cards: reduced monthly overseas transactions to USD 100
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Newly issued debit and credit cards: If the primary account of the card is designated as a Rufiyaa account, no amount will be available for transactions abroad
While BML has cut the amount of dollar transactions on Rufiyaa debit cards and limited the amount of dollar transactions on new credit cards to USD 100, the change will also apply to students studying abroad. Previously, students studying abroad could transact up to USD 750 with the bank's Rufiyaa debit card.
