Circular CN-BSD/2020/9: Cash Withdrawal Limits

The Maldives Monetary Authority issued Circular CN-BSD/2020/9 to all commercial banks to encourage electronic transactions and reduce cash dependency. The directive imposes a daily cash withdrawal limit of MVR 200,000 or equivalent per customer across all channels, requiring currency consolidation. Banks must implement immediate compliance measures and ensure full adherence by 31st December 2020 while exercising adequate due diligence.

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بسم الله الرحمن الرحيم

MALDIVES MONETARY AUTHORITY
MALDIVES

Circular no: CN-BSD/2020/9

19th November 2020

To: All Commercial banks

Dear Sirs,

CASH WITHDRAWAL LIMITS

In order to encourage electronic transactions and reduce dependency on cash and the associated risks, cash withdrawal transactions across all the channels will be subject to a daily limit of MVR 200,000 or equivalent per customer (currencies should be consolidated).

Banks should take immediate measures to comply with this requirement, and ensure full compliance by 31st December 2020.

Banks are reminded to exercise adequate due diligence in allowing cash transactions for both deposits and withdrawals.

Yours sincerely,

[Signature]

Mariyam Shifa
Assistant Governor, Financial Stability

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Source: Maldives Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works