Gov’t Stalls Increase in BML Card Limits for Students Abroad

The Ministry of Finance has revealed that the government will not be able to raise the monthly dollar limit on Bank of Maldives (BML) debit and credit cards for Maldivian students according to the Cabinet’s deadline.

In a statement released yesterday, the Ministry of Finance acknowledged that there are ongoing obstacles preventing the implementation of the cabinet’s decision to increase the monthly limit on banking cards from USD 750 to USD 1,200 as per the set deadline. The Cabinet made the decision last month, with the new limit scheduled to take effect from today onwards.

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It has been revealed that the country’s national bank, BML, has expressed reluctance towards the decision due to constraints related to foreign currency availability. Despite weeks of negotiations between the bank and the government, an agreement could not be reached.

The Finance Ministry states that efforts are underway in collaboration with the central bank to identify solutions that would address the limited access to foreign currency and help maintain adequate reserves within local banks.

In the interim, the statement noted that the Ministry of Higher Education is in the process of compiling a comprehensive database of Maldivian students studying abroad.

In a bid to compel BML to comply with the decision, the government took measures to remove five directors from the bank’s board of directors. However, most of these directors have since been reinstated.