BML Faces Controversy Over Alleged Card Limit Reduction

Bank of Maldives (BML) denied allegations of reducing foreign currency limits on cards, which sparked social media backlash. BML currently enforces monthly limits of US$250 on debit cards and US$750 on credit cards. An official confirmed the bank is reviewing limits due to currency restraints. The Ministry of Finance refuted the reports and stated commitment to collaborate with the central bank and BML to improve limits. Minister of Economic Development Mohamed Saeed expressed confidence that the shortage of US dollars will ease in 2-3 months, citing fuel price surge and the black market. The official exchange rate is MVR 15.42 per USD, with the black market rate exceeding by MVR 2 or more.

Bank of Maldives (BML) denied allegations of reducing foreign currency limits on cards, which sparked social media backlash. BML currently enforces monthly limits of US$250 on debit cards and US$750 on credit cards. An official confirmed the bank is reviewing limits due to currency restraints. The Ministry of Finance refuted the reports and stated commitment to collaborate with the central bank and BML to improve limits. Minister of Economic Development Mohamed Saeed expressed confidence that the shortage of US dollars will ease in 2-3 months, citing fuel price surge and the black market. The official exchange rate is MVR 15.42 per USD, with the black market rate exceeding by MVR 2 or more.

Bank of Maldives (BML) denied allegations of reducing foreign currency limits on cards, which sparked social media backlash. BML currently enforces monthly limits of US$250 on debit cards and US$750 on credit cards. An official confirmed the bank is reviewing limits due to currency restraints. The Ministry of Finance refuted the reports and stated commitment to collaborate with the central bank and BML to improve limits. Minister of Economic Development Mohamed Saeed expressed confidence that the shortage of US dollars will ease in 2-3 months, citing fuel price surge and the black market. The official exchange rate is MVR 15.42 per USD, with the black market rate exceeding by MVR 2 or more.

This story involves 1 source and may affect public understanding of banking / finance.