Bank of Maldives (BML) has increased the U.S Dollar limit for foreign transactions.

In an announcement the country’s national bank revealed that the they are pleased to announce further changes, after the decision to hike the dollar limit last year stemmed from increased pressure on U.S Dollar liquidity and the concerns on U.S Dollar outflow.

The increased limit of USD 750 is effective for American Express (Green/Gold), Visa (Classic/Gold) and Mastercard (Standard/ Gold) from Sunday onwards.

For debit cards used locally that are linked to MVR accounts, the existing limit of USD 250 will continue.

Further the bank revealed that customers living abroad will have a limit of USD 750 per month, per debit card.

Customers with other credit cards not listed above will have increased limits based on card type, BML said, adding that these will be communicated to customers within the ongoing week.

The current daily limit of USD 3,000 may be used by customer with BML debit cards linked to dollar accounts.

BML revealed that they will continue to support all medical and education payments through cards with temporary changes to the limits.

With this being said, customers can submit supporting documents via Internet Banking for approval.

The situation will be accessed further and further changes will be announced by the bank.