Bank of Maldives has announced new measures aimed at preventing misuse of foreign currency facilities while ensuring fairer access to US Dollars for legitimate personal and business needs.

The bank said international card-present transactions will now only be allowed when the cardholder is physically abroad, a move intended to prevent misuse of overseas spending limits.

BML also said some parties had been using personal foreign spending limits for business-related purchases on certain online shopping platforms, resulting in large volumes of USD being concentrated among a small group.

To address this, the bank has introduced a daily allocation budget to distribute available foreign currency more equitably.

For businesses and SMEs making outward payments, BML stated that it has streamlined the sale of USD to improve access for a broader range of businesses.

The bank also warned that attempts to bypass limits by splitting telegraphic transfer (TT) transactions would be detected and remain subject to restrictions.

Students will continue to receive a higher foreign spending limit of USD 1,200 per month.

Those currently using their parents’ cards will be allowed to continue doing so for three months while dedicated student cards are issued.

BML further clarified that there are no new restrictions on USD-denominated debit and credit cards for either personal or business use.

The bank added that the increased foreign POS spending limit of up to USD 1,000 per month on debit cards remains unchanged, while customers can still access up to USD 3,000 per month for travel and medical purposes.

According to BML, the measures are intended to ensure fair and equitable access to foreign currency while supporting essential public needs.