President Dr Mohamed Muizzu has instructed the country’s national bank, Bank of Maldives (BML) to increase the foreign transaction limit on debit cards issued by the bank to USD 2,000 for locals performing the Hajj pilgrimage this year.
President Dr Muizzu announced this initiative through a social media post, highlighting that the enhanced transaction limit will significantly benefit Hajj pilgrims undertaking their pilgrimage this year.
President Dr Muizzu revealed that he had petitioned the BML to raise the foreign transaction limit on debit cards for Hajj pilgrims to USD 1,750.
This increase is in addition to the existing limit available to BML customers, according to the President. At present, BML provides a foreign transaction limit of USD 250 on debit cards. Under Dr Muizzu's directive, the limit for this year’s Hajj pilgrims will rise to USD 2,000.
The increased transaction limit will be available at the official exchange rate of MVR 15.42.
President Dr Muizzu, earlier this year had facilitated the increase of the foreign transaction limit on debit cards to USD 1,500 for Umrah pilgrims during the holy month of Ramadan in March.
This decision follows the enactment of the Foreign Currency Act (Forex Act) earlier this year. The newly implemented legislation mandates that companies generating foreign revenue, including those in the tourism sector, exchange a portion of their earnings through local banks, ensuring improved regulation and control.
The initiative to increase the foreign transaction limit for Hajj and Umrah pilgrims aligns with President Dr Muizzu's announcement of plans to double the amount of US dollars available to Maldivians travelling abroad from Velana International Airport (VIA) during the first quarter of 2026.
Currently, BML provides USD 500 per local passenger departing from VIA. The administration aims to increase this amount to USD 1,000 by early 2026 and subsequently raise credit card limits to USD 1,400 by the second quarter of the same year, according to Dr Muizzu.