The Bank of Maldives (BML) has reversed its earlier decision to suspend foreign transactions on debit cards linked to MVR accounts.

The change, which sparked significant public backlash, was announced today on the social media platform X. 

Earlier in the day, BML had issued a statement temporarily suspending all foreign transactions made with Visa debit cards linked to MVR accounts, effective from 25th August 2024.

The initial decision would have impacted both existing and new debit and credit cards, allowing only transactions made with cards linked to USD accounts.

The restrictions also included a sharp reduction in monthly overseas transaction limits on standard and gold credit cards, slashing the limit to $100—a significant 85% reduction.

The changes were attributed to the ongoing dollar crisis, which had already forced BML to impose a $700 monthly limit on non-credit card transactions, with a $250 limit on debit card transactions. Special provisions were made for students abroad, who could request an increased limit of up to $750.
The newly elected government had discussed further raising this limit to $1,200, though the change was never implemented.

However, following widespread public discontent and concerns from customers, BML’s board of directors convened an emergency meeting at 1:30 PM today.

After deliberation, the board decided to review and revert the card limits, restoring the previous conditions for foreign transactions on MVR-linked accounts.