Malé – Bank of Maldives (BML) has suspended foreign transactions for debit cards linked to Maldivian Rufiyaa (MVR) accounts and slashed the monthly limit for foreign transactions on Standard and Gold credit cards to USD 100. These new restrictions, effective immediately, have sparked widespread public criticism, as they severely limit international spending for Maldivians.

Despite the restrictions, card fees and other charges remain unchanged, adding to the frustrations of cardholders.

The move comes as a response to rising concerns over the escalating usage of foreign currency for card transactions and the static sale of foreign currency to the Bank. The Maldives is currently grappling with increasing foreign debt and struggling with repayment obligations, which has pushed BML to tighten foreign exchange controls.

In addition to suspending foreign transactions for existing and new debit cards linked to MVR accounts, BML has implemented the same rule for new credit cards. These restrictions have made it almost impossible for Maldivians to conduct international transactions using Visa debit cards connected to Rufiyaa accounts.

Public discontent has grown, particularly because this development goes against President Dr. Mohamed Muizzu’s campaign pledge to eliminate these limits altogether. Instead, the limits have worsened, prompting concerns as foreign transactions become even more difficult.