Bank of Maldives (BML) has announced plans to implement significant easing of foreign currency transaction limits for Maldivian Rufiyaa cards before the end of this month. The decision follows a period of heightened demand for foreign currency that previously necessitated strict controls to manage the bank’s liquidity.

A senior official from the Bank of Maldives confirmed that the institution is in the final stages of reviewing its online international payment policies. These revisions are designed to facilitate smoother transactions for customers, ensuring that essential needs are met without undue restrictions. The official emphasized that the bank is working in close collaboration with the Maldives Monetary Authority (MMA) to ensure the stability of the new framework.

Currently, the bank allows travelers to utilize up to $1,000 per month via Point of Sale (POS) terminals. Furthermore, a monthly limit of $3,000 is available for critical expenditures such as medical treatments, tuition fees, and travel bookings. BML continues to provide additional support on a case-by-case basis for exceptional medical and educational requirements.

Financial records for the first five months of this year indicate an unprecedented surge in dollar demand. BML has disbursed a total of $345 million during this period, including $198 million for card transactions and $147 million to support businesses. This total represents a 47 percent increase compared to the same period last year, with monthly disbursements now averaging approximately $69 million.