Government refutes reports of Bank of Maldives’ proposed cap on USD transactions

The Ministry of Finance has refuted media reports suggesting that the Bank of Maldives proposed to cap USD transactions on its Credit and Debit Cards.

Currently, the Bank of Maldives permits up to 750 USD for Credit cards and 250 USD for debit cards.

However, some media outlets claimed that due to a decline in dollar reserves, the Bank of Maldives was considering lowering these limits, sparking public outcry.

In response, the Ministry of Finance stated yesterday that the Bank of Maldives had assured them that no decision had been made regarding limiting USD transactions on Credit and Debit Cards.

The Ministry emphasized that, in collaboration with the Maldives Monetary Authority and the Bank of Maldives, it is actively working to improve foreign currency market regulations and card limits. However, it will depend a lot on the economic and financial situation.

Despite the significant influx of tourists to the Maldives, the challenge of obtaining USD remains a major issue in the country.

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