Monthly ATM dollar withdrawals capped at USD 3,500 under new BML rules

Bank of Maldives (BML) has set a monthly limit of USD 3,500 for dollar withdrawals through ATMs, effective Thursday. 

The bank said the change is part of its long-term strategy to reduce reliance on cash and strengthen a fast, secure and convenient digital financial system.

BML said the new limit does not affect the existing USD 1,600 daily withdrawal cap. The bank noted that it has made significant investments in digital banking facilities to ensure customers can access essential services without depending on cash. Through BML Mobile Banking and Internet Banking, customers can pay bills, transfer funds and manage account transactions from anywhere.

The bank added that customers can also make card and contactless payments to businesses in Maldives and abroad, and transfer money instantly between accounts.

BML said the new limit was introduced due to rising pressure on its dollar reserves. Foreign transactions from rufiyaa accounts have increased sharply this year, prompting the bank to impose tighter controls on dollar usage. According to BML, average monthly dollar sales stood at USD 81.6 million as of August last year, compared to USD 108.6 million this year, an increase of around 33 percent.

Due to this surge, BML has also imposed limits on foreign e-commerce transactions, POS spending abroad and travel-related payments made using rufiyaa cards. The bank said these measures are necessary to ensure sustainable management of its foreign currency resources.