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Bank of Maldives Curtails Foreign Transaction Limits on Cards
The Bank of Maldives announced immediate changes to card limits for foreign transactions, suspending foreign transaction allowances on MVR-linked debit and credit cards as of Sunday and cutting the monthly foreign transaction limit on existing Standard and Gold credit cards to USD 100. CEO and Managing Director Karl Stumke said the bank had purchased about USD 60 million in foreign currency from customers this year while card usage was threefold higher, and called the change temporary.
Sources1carried itMR1 of 19 news outlets we monitor
Figures3as written, with their sentences
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
What happened
in order; days are read from the reports' words and dates
Sun 25 AugThe Bank of Maldives suspended foreign transaction allowances for debit and credit cards linked to Maldivian rufiyaa accounts and reduced t…As of Sundayonly Maldives RepublicAs of Sunday, the bank has suspended foreign transaction allowances for existing and new debit and credit cards linked to Maldivian rufiyaa (MVR) accounts. Additionally, the monthly foreign transaction limit for existing Standard and Gold credit cards has been reduced to USD 100.
Word for word from the report in Maldives Republic. Open the report
Who said what
the reports' own quoted words, each once
The Bank has been monitoring card usage over the past year, and I have reiterated in numerous speeches and interviews that the Bank can only sell what it has been able to purchase
This year, we have purchased approximately USD 60 million in foreign currency from our customers, but card usage is threefold higher than that. The card usage impacts our ability to provide foreign currency support to our business customer…
We understand that the changes announced today will have a significant impact on our customers. We do expect this to be a temporary change and we will review this from time to time and keep our customers informed of any changes
We have not taken this decision lightly but have been compelled to take action to ensure we can continue to provide the necessary support for essential economic activities.
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
Figures in these reports
as written, with the sentence they come from
USD 100monthly foreign transaction limit for existing Standard and Gold credit cardsMaldives RepublicAdditionally, the monthly foreign transaction limit for existing Standard and Gold credit cards has been reduced to USD 100.
Word for word from the report in Maldives Republic. Open the report
approximately USD 60 millionforeign currency purchased from customersMaldives Republic“This year, we have purchased approximately USD 60 million in foreign currency from our customers, but card usage is threefold higher than that.
Word for word from the report in Maldives Republic. Open the report
75% lessshortfall in foreign currency provided to the economic sector compared with discretionary card spendMaldives Republicthe Bank provides 75% less foreign currency to the economic sector than we do for discretionary spend on cards dominated by travel and online shopping.
Word for word from the report in Maldives Republic. Open the report
Other events named
no clear day, as worded
The Bank of Maldives announced immediate changes to its card limits for foreign transactions.Maldives RepublicThe Bank of Maldives has announced immediate changes to its card limits for foreign transactions, citing an increase in foreign currency spending and a lack of foreign currency sales to the bank.
Word for word from the report in Maldives Republic. Open the report