SBI Maldives Imposes Restrictions On Dollar Remittances Amid USD Shortage

The State Bank of India (SBI) in the Maldives has announced new temporary restrictions on outward remittances and international card transactions for its customers, citing a shortage of foreign exchange inflows.

According to the bank, the inflow of U.S. dollars to SBI remains at a very low level, making it difficult to sustain the existing salary remittance limits for Indian expatriates working in the Maldives. As a result, the bank will reduce the monthly outward remittance limit to USD 150 (approximately MVR 2,313) per account holder, effective from 25 October 2025.

advertisement

advertisement

advertisement

Additionally, the bank has temporarily suspended the use of Maldivian rufiyaa-denominated cards for ATM withdrawals and ECOM/POS transactions outside the Maldives.

SBI stated that these measures are temporary and will be reviewed periodically as the foreign exchange situation improves. The bank expressed its intention to restore normal limits once the availability of foreign currency stabilises.

The bank also reminded customers that unused monthly remittance limits will not carry forward to subsequent months and urged vigilance against fraudulent calls seeking personal information or one-time passwords.