The Bank of Maldives (BML) has announced plans to measures to prevent the overseas use of cards belonging to individuals who are physically present in the Maldives at the time of the transaction.
Speaking at a press conference, BML CEO Mohamed Shareef said the decision was made because the amount of US dollars being sold by the bank has exceeded the amount being purchased.
He explained that measures are necessary to ensure the availability of dollars for essential needs of the public. In this regard, the bank has identified cases where cards issued in the Maldives are being used abroad for transactions and cash withdrawals, and has decided to stop such usage.
Shareef added that these arrangements will be implemented through digital integration between BML and Maldives Immigration.
“We have previously noted that some individuals use other people’s cards to withdraw cash from ATMs and carry out transactions. By stopping this, we expect the benefits to be distributed more fairly among all citizens,” he said.
However, he noted that exceptions will be made for students abroad who do not have their own cards. In such cases, if they are currently using a guardian’s card, a designated limit will be set. Until the student card is issued, the guardian’s card may continue to be used for a period of three months.
BML stated that the process of issuing student cards will take up to three months.
“For students, a special limit of up to USD 1,200 will be arranged. We will work to implement this as quickly as possible, and in the meantime ensure that there is no disruption to card usage,” Shareef said.
He also noted that the student cards will provide additional benefits for students.