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Fayyaz Expresses Concerns Over Economic Fallout From BML’s Restriction on Dollar Transactions
Bank of Maldives announced restrictions on foreign currency card transactions, suspending foreign transaction allowances for cards linked to MVR accounts and cutting the monthly limit for Standard and Gold credit cards to US$100. MDP chairperson and opposition leader Fayyaz Ismail criticised the move, warning of disruption to students, businesses and private sector payments, while BML CEO Karl Stumke defended it as necessary to balance foreign currency supply.
Sources1carried itMR1 of 19 news outlets we monitor
Figures2as 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 announced it would suspend foreign transaction allowances for all debit and credit cards linked to MVR accounts, with …on Sundayonly Maldives RepublicThe Bank of Maldives announced on Sunday that it would suspend foreign transaction allowances for all existing and new debit and credit cards linked to MVR accounts, and reduce the monthly foreign transaction limit for existing Standard and Gold credit cards to US$100. The changes are effective immediately
Word for word from the report in Maldives Republic. Open the report
Who said what
the reports' own quoted words, each once
Such a sudden change will have a very negative effect on students and businesses. Payments to websites, software, etc., will be disrupted. I hope the government is aware of the effect this will have on the private sector economy.
Dr Muizzu promised that he is not worried at all about the economy and later on very strongly stated dollar black market rate will not increase. Such uninformed decisions by the head of state do have impacts across all sectors
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
US$100Monthly foreign transaction limit for existing Standard and Gold credit cardsMaldives Republicand reduce the monthly foreign transaction limit for existing Standard and Gold credit cards to US$100
Word for word from the report in Maldives Republic. Open the report
approximately US$60 millionBank of Maldives foreign currency purchases from customersMaldives Republicthe bank’s foreign currency purchases from customers this year amounted to approximately US$60 million, while card usage was three times higher.
Word for word from the report in Maldives Republic. Open the report
