The Maldivian government has announced the decision to raise the monthly withdrawal limit on Bank of Maldives (BML) cards for Maldivian students overseas to USD 1,200.
In a press briefing on Monday morning, Abdulla Nazim Ibrahim, the principal secretary to the president on public policy, said the Cabinet decided on Sunday to increase the card limit on US dollar withdrawals for Maldivian students overseas to USD 1,200.
Nazim said that the plan to remove the limit will be carried out in phases.
Increasing the limit for Maldivian students overseas is the first phase, he said.
The change is effective starting February, next year.
“The Cabinet decided yesterday to increase [the withdrawal limit] on the card of students to USD 1,200 starting February 1,” said Nazim.
The removal of the bank USD withdrawal limit is one of President Dr. Mohamed Muizzu’s electoral pledges.
Nazim said that the Finance Ministry will be collaborating with the Maldives Monetary Authority (MMA) and BML to make necessary arrangements to implement the cabinet’s decision.
The limit on overseas card transactions is an issue of concern for Maldivian citizens who reside overseas. US dollar withdrawals via BML debit and credit cards had previously been limited to USD 750. The limit was imposed in response to a significant reduction in foreign currency inflow to the country due to the Covid-19 pandemic.