President Dr Mohamed Muizzu has requested special provisions for Umrah pilgrims to access foreign currency, according to a statement posted on his official X account.

The President has requested the Bank of Maldives (BML) and the Maldives Monetary Authority (MMA) to approve an additional USD 1,500 transaction limit on BML debit cards for each Umrah pilgrim planning to travel during Ramadan 1446. This allocation would be on top of their existing foreign currency limits, enabling pilgrims to access dollars at the bank's official exchange rate.

During a recent visit to K. Huraa in December 2024, President Dr Muizzu had acknowledged the dollar shortage as an inherited challenge but assured that his Administration is taking concrete steps to address it. The new provision for Umrah pilgrims appears to be part of these promised measures, alongside a broader strategy requiring a portion of incoming foreign currency to be exchanged through Maldivian banks.

Early signs of success are already visible, with many resorts cooperating with the newly implemented law and USD 25 million having been converted through official channels as of January 29.

The announcement comes as part of wider economic reforms outlined in his Presidential Address 2025, with additional changes to dollar access and foreign currency regulations planned through 2026. These include plans to double the foreign currency allowance for Maldivians traveling abroad from USD 500 to USD 1,000 by the first quarter of 2026 and increase credit card limits to USD 1,400 by the second quarter.

The President has also indicated that the positive effects of dollar conversion from tourism businesses and those earning more than USD 15 million will soon benefit both state reserves and public life.