The Bank of Maldives (BML) will ease limits on foreign card transactions before the end of the month.
Restrictions on overseas e-commerce and online transactions using MVR cards were introduced last month due to high demand for US dollars exceeding supply.
An BML official said the bank is making adjustments to the current limits and will implement positive changes for customers soon. He said the bank is also working to ensure greater access to foreign currency for various customer needs, with the support from the Maldives Monetary Authority (MMA).
BML currently offers some of the highest foreign transaction limits among banks, including USD 1,000 per month for POS transactions abroad, and USD 3,000 per month for airline tickets, hotel bookings, and hospital payments. Additional support is also provided for medical treatment and education-related payments.
According to BML statistics, the bank’s dollar sales have increased significantly, reaching USD 345 million in the first five months of the year, with USD 198 million from card transactions. Sales to businesses stood at USD 147 million, averaging USD 69 million per month, a 47 percent increase compared to the same period last year.