Bank of Maldives (BML) has clarified that its newly introduced measures on foreign currency usage are designed to improve fairness in access to US dollars, while preventing misuse of existing facilities.
In a statement shared via social media, BML spokesperson Mohamed Saeed said the changes are intended to strengthen current processes and ensure that available foreign currency is distributed more equitably among customers.
One of the key adjustments involves restrictions on international card-present transactions. The bank stated that such transactions will now only be allowed when the cardholder is physically outside the Maldives, a move aimed at limiting misuse of foreign spending limits.
BML also raised concerns about significant volumes of US dollars being directed to a small number of users through business-related purchases conducted under personal card limits, particularly on online platforms. To address this, the bank has introduced a daily allocation system to better manage foreign currency distribution and improve access for individuals with genuine personal needs.
For businesses and small and medium enterprises, BML said additional measures have been implemented to streamline access to US dollars for outward payments, allowing a wider range of businesses to benefit. The bank also warned that attempts to bypass limits, including splitting telegraphic transfers into smaller transactions, would be identified and remain subject to existing regulations.
The bank confirmed that students will continue to receive a higher monthly foreign spending limit of USD 1,200. Those currently using their parents’ cards will be allowed a three-month transition period while dedicated student cards are issued.
BML further clarified that there are no changes to the use of US dollar-denominated debit and credit cards, which can still be used freely for both personal and business transactions.
Existing allowances also remain in place, including a monthly foreign point-of-sale spending limit of up to USD 1,000 on debit cards, and access to up to USD 3,000 per month for individuals traveling abroad or seeking medical treatment.
The bank said the measures are part of ongoing efforts to balance demand for foreign currency while ensuring that essential and legitimate needs continue to be met.
