BML blocks Skrill, TransferWise due to dollar shortages

Photo shows a woman making a withdrawal from a US Dollar ATM machine of Bank of Maldives. (Photo/BML)

The Bank of Maldives has blocked some foreign currency digital wallets due to shortages of US dollar in the Maldives. 

The measure was taken in light of the dollar shortage being experienced in the Maldives. 

BML said that transactions cannot be made via some digital currency wallets through its cards starting from today. Skrill and TransferWise are among some of these digital wallets. 

BML added that the deposits can still be made to accounts via these wallets. A further easement introduced by the bank include the slashing of remittance fees for transactions below USD 500. 

BML said that it had now informed the necessary government institutions of the move and would work to block any necessary transactions. 

The purpose of the move was to control the outflow of foreign currency and maintain a steady supply of foreign currency for import of goods into the nation. BML has also previously blocked online trading websites previously to prevent dollar shortages.