Government denounces reports on bank card limits

The second week of February dawned with a flurry of local news reports in the Maldives, all echoing a concerning message: the Bank of Maldives (BML) purportedly slashing the dollar limit on bank cards to a mere USD 25. Despite the articles being cloaked in anonymity, with sources unwilling to divulge their identities, the sensational headlines instantly captured the attention of Maldivians nationwide.

The prospect of such a drastic reduction in the foreign transaction limit sent shockwaves through communities, as it would effectively render any overseas purchases or transactions nearly impossible, given the meager sum involved. Social media platforms across the Maldives erupted in a cacophony of criticism and concern, with citizens venting their frustrations and fears directly at BML.

While BML had previously implemented limits on foreign transactions during the COVID-19 pandemic—a measure that remains in effect—it became apparent that the latest reports of a USD 25 limit were unfounded. In a press release dated February 12, 2024, the Ministry of Finance of the Maldives stepped in to dispel the confusion, affirming that BML had no intentions of instituting such a restrictive measure.

The Ministry clarified that while they are actively collaborating with the bank to address the country's financial challenges and bolster foreign currency reserves, the circulating news of a USD 25 limit was unequivocally false. Urging the press to exercise caution and responsibility in disseminating information, the Ministry emphasized the detrimental impact of spreading misinformation that could incite unnecessary public distress.