The Bank of Maldives (BML) is set to significantly increase the dollar limits available on customer credit cards beginning 1 February next year, following a key announcement made by President Dr Mohamed Muizzu confirming the government’s comprehensive strategy to reform foreign currency access.
These increases are paired with immediate revisions to debit card transaction limits scheduled for 11 November, changes the President stressed are designed to offer much needed respite for the public from the foreign currency black market.
The most substantial changes will affect credit card holders starting early next year. The monthly dollar limit for the BML Classic card will nearly double, increasing from USD 750 to a new ceiling of USD 1,400. Similarly, Gold cardholders will see their limit raised from USD 750 to USD 1,500. Platinum cardholders, who currently enjoy the highest limit, will see their allowance increase from USD 1,500 to a substantial USD 2,000 per month.
In addition, several major transaction changes impacting BML debit cards will take effect immediately on 11 November.
The limit for foreign transactions using debit cards at Points of Sale (POS) terminals abroad will be increased to USD 1,000. Crucially for travelers, the amount usable for buying tickets from airlines and hotels abroad will rise to USD 3,000.
Additionally, in a move aimed at prioritising healthcare, the bank announced that payments for medical treatment at hospitals abroad will be facilitated upon request to the bank, streamlining the previously cumbersome process for securing essential foreign medical services.
The President emphasised that these concurrent changes mark a major step in fulfilling his commitment to providing accessible and reliable foreign exchange services, thereby reducing the dependency on unregulated parallel currency trading.