The cabinet-approved increase of Bank of Maldives debit and credit card limits for students abroad from US$750 to US$1,200 per month has hit a roadblock due to dollar shortages in local banks. The dollar shortage also affects telegraphic transfers for businesses, with black market rates of MVR 16 to MVR 18 against an official rate of MVR 15.42.
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raise the monthly transaction limit of Bank of Maldives (BML) debit and credit cards to US$1,200 for students studying abroad
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Currently, Maldivian students studying overseas can withdraw up to US$750 per month using their BML cards.
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allowing daily ATM withdrawals of up to US$1,600 and daily transaction limits of US$3,000.
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allowing daily ATM withdrawals of up to US$1,600 and daily transaction limits of US$3,000.
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dollar prices range from MVR 16 to MVR 18 per dollar, despite the official exchange rate of MVR 15.42
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despite the official exchange rate of MVR 15.42
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However, last month, the cabinet approved an increase in the limit to US$1,200 starting from the next month.
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