State Bank of India (SBI) Maldives has announced temporary restrictions on foreign exchange transactions due to low inflows of foreign currency into the bank.
Effective October 25, the monthly MVR – INR remittance limit for Indian expatriates will be reduced to USD 150 (MVR 2,313) per account holder. The bank will also suspend ATM withdrawals and ECOM/POS usage from MVR cards outside the Maldives.
SBI stated that the move aims to sustain operations amid limited forex availability. The bank assured customers it is monitoring the situation and will review the limits periodically.
Officials emphasized that unused monthly limits will not carry forward. SBI expressed appreciation for customers’ understanding and promised to restore normal services once foreign exchange inflows improve.
