The Bank of Maldives (BML) on Wednesday, 22 April, announced temporary increase on the daily deposit limit on their ATMs.
According to the national bank of Maldives, the cash depository amount on a daily basis was previously at MVR200,000 for corporate/business accounts and MVR50,000 for personal accounts.
However, with the temporary increase on cash deposit limit will allow depositories of MVR500,000 for corporate/business accounts and MVR100,000 for personal accounts on a daily basis.
“We hope the decision will contribute to the drop in ATM visits,” the bank’s post read.
Members of the public must acquire permit from Maldives Police Service prior to visiting ATMs for transactions.
All local banks remain closed from regular operations due to the COVID-19 pandemic, which recently was confirmed in mainland Male’ putting the entire region under total lockdown.
Meanwhile, the central bank, Maldives Monetary Authority (MMA) has facilitated specific days every week, granted to local banks to render essential services to the public.