The black market exchange rate of US dollars has significantly lifted after Bank of Maldives (BML) announced decision to suspend foreign transactions for debit cards linked to MVR accounts and a monthly transactional limit of USD 100 for Standard and Gold credit cards.
The black market rates for US dollar has been levitating between a range of MVR 18.00 to MVR 18.20 on average for weeks. However, following the bank’s decision on Sunday, USD exchange rates in the black market has lifted between MVR 18.50 and MVR 18.85.
There is possibility the rate could move towards MVR 20 and MVR 22, mirroring the same exchange conditions during 2020’s pandemic.
BML has suspended foreign transactions for existing and new debit cards, as well as new credit cards linked to MVR accounts, but set a monthly limit of USD 100 for existing Standard and Gold credit cards.
The bank’s CEO and Managing Director, Karl Stumke said these changes will have a significant impact on the customers, but added the bank will be monitoring the situation “from time to time” and update customers of any changes.
“We have not taken this decision lightly but have been compelled to take action to ensure we can continue to provide the necessary support for essential economic activities,” Stumke said in the bank’s statement.
