CEO of Bank of Maldives (BML) Tim Sawyer has announced the decision to increase the limits on card-based foreign transactions.
During BML's Annual General Meeting, the CEO declared that the company has made great progress after difficulties faced last year due to COVID-19 and that BML will be introducing new, efficient services for the public. Although he announced there would be changes, no further details were provided.
Financial difficulties due to the rampant spread of COVID-19 forced BML to set temporary limits on debit and credit cards for foreign transactions. Customers living in Maldives had a monthly limit of USD 250, and those living abroad had a monthly limit of USD 750.
However, limits were increased for those seeking medical treatment or education abroad. The bank was compelled to take such action as the Maldivian economy was suffering, to control dollar outflow and minimize negative effects on liquidity.