The bank has explained that this decision comes as a result of large amounts of money having been withdrawn at POS systems in other countries and that the bank has encountered difficulties when conducting operations and offering services to customers. Also, the Bank of Maldives “had to make a foreign currency payment to the bank the POS was linked to every night when the settlement was done on the POS”, according to the same source.
The bank also set a USD 500 limit (par day) to the sum of cash that customers could withdraw from ATMs in other countries with their Visa debit card. Bank of Maldives is the national bank of the country. Its main business is retail banking, in addition to handling development banking activities. Other services include electronic banking, credit cards and debit cards.
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