BML says customers will see relaxed dollar limits within the month

The Bank of Maldives (BML) has announced that it will ease the limit on foreign transactions made using cards before the end of this month.

BML imposed limits on e‑commerce and online transactions abroad using Maldivian rufiyaa cards last month due to heightened demand for dollars.

A BML official said the bank is currently working to introduce positive changes to the existing limits for foreign e‑commerce transactions. Customers will be able to benefit before the end of this month, he said.

Under current rules, overseas travellers can transact up to USD 1,000 per month via POS. In addition, there is a monthly limit of USD 3,000 for airline tickets, hotel bookings and hospital payments.

According to BML statistics, both the number of customers using cards for foreign currency transactions and the total dollar usage continue to rise year on year.

The bank reported sales of USD 345 million in the first five months of the year, of which USD 198 million was for card transactions.

During the same period, the bank sold USD 147 million to businesses, an average of USD 69 million per month.

This represents a 47 percent increase compared to the same period last year.

The bank official added that BML is working to provide as much foreign currency as possible to meet customer needs.

Compared to other banks operating in the Maldives, BML currently offers the highest limit on foreign transactions using Maldivian rufiyaa cards.

On June 1, President Dr. Mohamed Muizzu said BML had indicated that the dollar situation would ease by the end of this month.