Recognizing the ongoing challenges, President Dr. Mohamed Muizzu has pledged to ease foreign exchange constraints for Maldivian travellers.
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Limited access to U.S. dollars has been a persistent challenge for Maldivians since the Bank of Maldives (BML) introduced new restrictions on foreign transactions on September 16, 2020. Under these changes, the dollar spending limit on BML debit cards was reduced to USD 250, while credit card limits were later adjusted to USD 750. This policy shift created significant hurdles for Maldivians travelling abroad, particularly for leisure purposes, as access to dollars at the bank rate became increasingly difficult.
To address these issues, BML introduced certain exceptions, increasing the limit for students and those travelling for medical purposes. However, leisure travellers have had to rely on a combination of their debit card limit and the USD 500 travel allowance granted to Maldivians travelling abroad. This travel allowance, which can be obtained through BML’s Internet banking platform and collected at Velana International Airport (VIA) upon presenting a passport, has been a crucial but limited resource for many.
Recognizing these ongoing challenges, President Dr. Mohamed Muizzu has pledged to ease foreign exchange constraints for Maldivian travellers. During his Presidential Address in Parliament, he announced plans to double the travel dollar allowance to USD 1,000 starting from the first quarter of 2026. Additionally, the Government aims to increase the allocation of dollars for bank telegraphic transfers (TTs) and raise the credit card limit from USD 750 to USD 1,400 in the second quarter of 2026.
From January 2026, the proportion of dollars allocated to banks for TTs will be increased. The USD 500 currently provided to each Maldivian departing from Velana International Airport will be doubled to USD 1,000 in the first quarter of 2026.
These measures come as part of broader economic reforms aimed at stabilizing the foreign exchange market. In recent months, the Government has implemented policies to increase U.S. dollar circulation within the country. This includes mandating the tourism sector to exchange a percentage of their monthly revenue with local banks and intensifying efforts to regulate and eliminate the black-market dollar trade.
With these upcoming changes, Maldivians can anticipate greater ease in accessing foreign currency, reducing the financial strain associated with international travel.
