The Maldivian government has announced the decision to raise the monthly withdrawal limit on Bank of Maldives (BML) cards for Maldivian students overseas to USD 1,200.
The limit on overseas card transactions is an issue of concern for Maldivian citizens who reside overseas. US dollar withdrawals via BML debit and credit cards had previously been limited to USD 750. The limit was imposed in response to a significant reduction in foreign currency inflow to the country due to the Covid-19 pandemic.
In a press briefing on Monday morning, Abdulla Nazim Ibrahim, the principal secretary to the president on public policy, said the Cabinet decided on Sunday to increase the card limit on US dollar withdrawals for Maldivian students overseas to USD 1,200.
Nazim said that the plan to remove the limit will be carried out in phases.
Increasing the limit for Maldivian students overseas is the first phase, he said.
The change is effective starting February, next year.
To be updated…