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Bank of Maldives (BML) has increased limits on credit cards for foreign transactions.
BML announced changes to foreign transaction limits last year, as a result of increased pressure on US Dollar liquidity and the concerns on US Dollar outflow.
BML revealed an increased limit of USD 750 will be in place for American Express (Green/Gold), Visa (Classic/Gold) and Mastercard (Standard/ Gold), from October 17. However, BML said the existing limit of USD 250 will continue for all debit cards used locally that are linked to Maldivian Rufiyaa accounts. Customers living abroad will continue to have a limit of USD 750 per month, per debit card and customers with other credit cards not listed above will have increased limits based on card type, noted BML.
Moreover, BML said customers with BML debit cards linked to dollar accounts can continue to use up to the current daily limit of USD 3,000. BML assured further changes will be brought after assessing the situation.