Minister of Economic Development and Trade Mohamed Saeed has stated the Bank of Maldives (BML) issued US dollar transaction limits contrary to directives of President Dr. Mohamed Muizzu.
The initial measures introduced by BML included suspending foreign transaction allowances for both existing and new debit cards, as well as new credit cards linked to MVR accounts. Additionally, the monthly foreign transaction limit for existing Standard and Gold credit cards was reduced to USD 100.
These changes sparked widespread criticism, with many expressing their concerns on social media. In response, BML has now lifted the previously imposed dollar limits. Debit and credit cards issued by BML will now have a foreign transaction allowance of USD 250, and Maldivians residing abroad will be granted a monthly allowance of USD 750.
In a media address, Minister Saeed explained that although BML is a state-owned enterprise, the government typically does not interfere with the bank's corporate or trade-related decisions. However, he noted that the government intervened in this instance to prevent adverse effects on residents' lifestyles. Minister Saeed emphasised that the government will avoid decisions that could negatively impact Maldivian students studying abroad or individuals running small businesses.
Additionally, Minister Saeed revealed that the annual demand for dollars in the Maldives averages USD 6.7 billion. He stated that the recently approved Foreign Investment Bill will be instrumental in facilitating the Maldives' entry into free trade markets, which is expected to help reduce the demand for dollars.