President Dr Mohamed Muizzu has requested the Bank of Maldives (BML) to introduce an additional US dollar debit card limit of USD 1,750 for Maldivian Hajj pilgrims. The announcement was made today via the President’s official X account, with the proposed amount supplementing the current foreign currency limit available on debit cards.
This request follows a similar initiative earlier this year, when BML provided Umrah pilgrims with a special debit card limit of USD 1,500 during Ramadan. The bank reported facilitating approximately USD 1,005,172.82 in foreign currency through 8,979 transactions under that initiative.
These measures are part of the government’s broader efforts to stabilise the Maldivian Rufiyaa and address persistent foreign exchange constraints. A newly ratified foreign exchange law is already in effect and is expected to contribute to increased official reserves by the end of 2024.
Further reinforcing this policy shift, state-owned enterprises will begin accessing US dollars at the official exchange rate starting in September 2025, reducing reliance on the parallel market and enhancing the country’s exchange rate stability.
President Dr Muizzu’s directive reflects a targeted approach to easing the financial burdens on pilgrims while reinforcing the Maldives’ foreign exchange framework and long-term economic resilience.