According to the Maldives government, the recent decision to increase the credit and debit card withdrawal or usage limit for Maldivian students abroad, is the first phase of the overall initiative.
As such, the government has announced ongoing efforts to extend the same ease for other customers in the future as well.
On Sunday, December 24, the government increased the card limit for students in foreign countries, effective February 1, 2024. With this change, students would be able to withdraw a maximum of USD 1,200 per month from the Bank of Maldives (BML) credit and debit cards.
Previously, students studying in foreign countries were able to withdraw a maximum amount of USD 750 per month.
At a press conference, the Principal Secretary to the President on Public Policy at the President’s Office Abdulla Nazim Ibrahim expressed concern about difficulties faced by students abroad with the restrained withdrawal limit.
Nazim added that the cabinet ministers recently convened to discuss the issue, and decided on increasing the limit.
The removal of the US Dollar limit is among the key pledges of President Dr. Mohamed Muizzu as well.
In response to media questions, about the government’s intention on extending the same ease for other customers, Nazim said that the state would carry out the discussions and relevant work through multiple phases to facilitate the same withdrawal limit extension for other Maldivians residing abroad.
“… relevant discussions would precede on making a decision regarding others,” Nazim.
In another response to media questions on Dollar-related transactions for small to medium companies and Maldivians living abroad, the Principal Secretary said the government aims to facilitate the same ease for everyone.
The cabinet however, opted for a multi-phased approach considering the current Dollar constraints and the expected economic impact from a sudden change.
Bank of Maldives (BML) meanwhile, has been regularly revising and increasing the usage limit after initially restricting online transactions amid the Covid-19 pandemic to address dollar constraints. The bank last revised the card limit in 2021, with the limit for online transactions using credit cards set at USD 750.
Debit cards still carry a limit of USD 250 for foreign transactions each month.