Bank of Maldives (BML) has stated that its recently 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 post shared on social media, the Bank’s spokesperson Mohamed Saeed said the measures were introduced to strengthen existing processes, prevent misuse, and improve the distribution of available foreign currency across a wider segment of the population.

BML noted that one of the key changes is aimed at preventing the misuse of foreign spending limits on bank cards. The Bank said international card-present transactions will now only be permitted when the cardholder is physically overseas.

The Bank also highlighted concerns over large volumes of US dollars being channelled to a small number of parties through the use of personal foreign spending limits for business-related transactions on certain online shopping platforms. To address the issue, BML has introduced a daily allocation budget intended to distribute available foreign currency more equitably and improve access for customers requiring funds for legitimate personal use.

BML further stated that measures have been introduced to streamline the sale of US dollars for SMEs and businesses making outward payments, enabling access for a broader range of businesses. The Bank also warned that attempts to obtain large amounts of foreign currency by splitting telegraphic transfer transactions would be detected, with all transactions remaining subject to existing limits.

The Bank noted that students will continue to benefit from a higher monthly foreign spending limit of USD 1,200. Students currently using their parents’ cards will be allowed to continue doing so for a transitional period of three months while dedicated student cards with the higher limit are issued.

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

In addition, the increased foreign point-of-sale spending limit on debit cards of up to USD 1,000 per month 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 the existing arrangements.