BML says foreign currency measures aimed at fairer access and preventing misuse

Bank of Maldives (BML) has stated that its newly announced measures on foreign currency usage are intended to ensure fair and equitable access to US dollars for legitimate personal use and essential public needs.

In a statement shared on social media, the bank’s spokesperson Mohamed Saeed said the changes were introduced to strengthen existing controls, prevent misuse and improve the distribution of available foreign currency across a broader segment of the population.

One of the key measures targets the misuse of foreign spending limits on bank cards. Under the new arrangement, international card-present transactions will only be permitted when the cardholder is physically overseas.

BML also raised concerns over large volumes of US dollars being directed to a limited number of parties through the use of personal foreign spending limits for business-related transactions on online shopping platforms. To address this, the bank has introduced a daily allocation budget designed to distribute available foreign currency more evenly and improve access for customers requiring funds for genuine personal use.

The bank further stated that additional measures have been introduced to streamline the sale of US dollars for SMEs and businesses making outward payments, allowing broader access for businesses. It warned that attempts to obtain larger amounts of foreign currency by splitting telegraphic transfer transactions would be identified, with all transactions continuing to remain subject to existing limits.

BML noted that students will continue to receive a higher monthly foreign spending limit of USD 1,200. Students currently using their parents’ cards will be allowed to continue for a transitional period of three months while dedicated student cards are issued.

The bank also clarified that there are no restrictions on the use of USD-denominated debit and credit cards for either personal or business transactions.

In addition, the increased foreign point-of-sale spending limit of up to USD 1,000 per month on debit cards remains unchanged. Customers travelling abroad or seeking medical treatment overseas will also continue to have access to up to USD 3,000 per month under existing arrangements.