The Maldives Islamic Bank has announce provisions to sell US dollars to Maldivians travellign abroad, while the Bank of Maldives (BML) has advised those journeying abroad not to carry cash.
A press release from the Islamic Bank said that, from today (June 5), customers with a valid air ticket and national ID could purchase up to US$500.
A heavy import-export imbalance in the Maldives results in a perennial foreign currency shortage, while a dominant tourism sector – which deals almost exclusively in US dollars – results in a weak local currency.
BML has meanwhile advised customers that using its debit and credit cards abroad is recommended.
BML has found that some customers become frustrated if their debit or credit card appears to have been declined when abroad. Cards will almost always be accepted if the amount being transacted is within the cardholder’s limit.
BML visa debit card holders can currently withdraw up to US$200 a day, while point of sale transactions have a US$400 limit, explained today’s press release.