Maldives government has announced an increment in the card limit starting from February 2024 onward, which would facilitate Maldivian students studying abroad to withdraw USD 1,200 per month from Bank of Maldives (BML) credit and debit cards.
The Principal Secretary to the President on Public Policy, Abdulla Nazim Ibrahim, while speaking at a recent press conference, expressed concerns of students abroad facing plights owing to restrained withdrawal limits. As of now, students are able to withdraw only up to USD 750 per month.
The cabinet held a meeting to discuss the issue, and agreed on increasing the limit to USD 1,200 per month effective February 1, 2024.
BML has been revising and increasing the withdrawal limit after the initial restrictions for online transactions in response to the Covid-19 pandemic in 2020.
The bank’s last revision on card limit was in 2021, when the limit of online transactions from credit cards was set at USD 750. Meanwhile, debit cards still carry a limit of USD 750 for foreign transactions every month.