Maldives’ reliance on tourism as the primary source of foreign currency meant that the COVID-19 pandemic severely disrupted access to foreign exchange. At the time, restrictions on foreign currency transactions were introduced as a safeguard, and while justified then, these limits remained in place even after the economy had recovered. This left citizens and businesses facing significant challenges, with many Maldivians forced to purchase dollars at market rates even for essential needs such as overseas medical care.

President Dr Mohamed Muizzu’s Administration has prioritised addressing these constraints to ease access to foreign exchange for both individuals and small and medium-sized enterprises. When the Administration assumed office, the foreign transaction limit for Bank of Maldives (BML) debit cards stood at only USD 250. In July 2025, this was doubled to USD 500, with further increases now scheduled.

Effective 11 November 2025, the overseas point-of-sale limit on BML debit cards will rise to USD 1,000, while the limit for airline ticket purchases and hotel payments abroad will be raised to USD 3,000. Travellers seeking medical treatment overseas will also be able to pay expenses directly using debit cards upon request.

Additional steps have been announced to increase credit card limits from 1 February 2026. The Administration confirmed that limits on BML credit cards will be raised across all tiers: Classic cards from USD 750 to USD 1,400, Gold cards from USD 750 to USD 1,500, and Platinum cards from USD 1,500 to USD 2,000.

Special provisions have also been introduced to ensure that vulnerable groups are supported. From 1 August 2025, patients assisted by the National Social Protection Agency (NSPA) can access up to USD 2,000, while self-funded individuals travelling abroad for medical purposes can access up to USD 1,000. Students studying overseas have also benefited, with their allocation raised from USD 750 to USD 1,000.

The Administration has extended these measures to the business community as well. Before President Dr Muizzu assumed office, only 5 to 10 per cent of dollars were allocated at the official rate to small and medium-sized importers. This has now been expanded to 50 per cent, substantially reducing cost pressures and ensuring greater stability for the private sector.

These measures, enabled by strategies such as the Foreign Currency Act, have increased dollar flows into the Maldivian economy. They reflect the Administration’s commitment to easing financial burdens, reducing reliance on the parallel market, and ensuring Maldivians can access dollars for essential needs and economic activity.