President Dr. Mohamed Muizzu said on Thursday that outbound Maldivian travelers can access US dollars 1,000 starting from the first quarter of next year as promised.
The Foreign Currency Act, which took effect on January 1, mandates tourist establishments and other select businesses to exchange a portion of USD revenue at local banks.
Delivering his annual address at the Parliament on Thursday morning, President Muizzu said that the implementation of the new law is increasing USD in the Maldives’ banking system, and will result in a gradual reduction in the exchange rate.
Outbound Maldivian travelers can currently purchase up to USD 500 at the bank rate.
President Muizzu said that with the new law the government will be able to double it to USD 1,000 in Q1 2026, and increase the credit card limit to USD 1,400 in Q2 2024.
The Q2 2026 deadline is the same as the one he gave back in November last year.
President Dr. Mohamed Muizzu delivers his annual address at the Parliament on February 6, 2025. (Photo/People's Majlis)
He also said that a mechanism will be created in September where state-owned enterprises can access USD at the bank rate without needing to go to parallel markets, and that the USD limit allowed by banks to Maldivian business operators to make TTs for imports will be increased in January 2026.
He had given a July 2025 deadline for both in his November post on X.
The Foreign Currency Act, which took effect on January 1, categorizes tourist establishments into two types.
Category-A tourist establishments are classified as registered resorts, integrated tourist resorts and private islands. Such establishments are required to either exchange USD 500 per tourist or 20 percent of the monthly revenue.
Meanwhile, Category-B tourist establishments are classified as registered tourist vessels, tourist hotels and tourist guesthouses. Such establishments are required to either exchange USD 25 per tourist or 20 percent of the monthly revenue.
Tourist establishments were given until January 28 to exchange USD revenue it generated in October last year.