President Dr. Mohamed Muizzu has announced his request to the Maldives Monetary Authority (MMA) and the Bank of Maldives to facilitate an increase in the US dollar transaction limit on Bank of Maldives-issued debit cards to USD 1,500 for Umrah pilgrims traveling for the upcoming month of Ramadan.
The President shared this request via a post on his official X account, emphasizing that the measure aims to enable Umrah pilgrims performing the pilgrimage in Ramadan 1446 to acquire US dollars at the bank’s official foreign currency exchange rate with ease.
Delivering his Presidential Address at the First Sitting of the People’s Majlis for the year 2025, President Dr. Muizzu highlighted the importance of finding a permanent solution to the foreign currency exchange market issue, citing the interests of the state and all Maldivian citizens. He noted that the enactment of a law governing the foreign exchange market has been a positive step forward, resulting in an increase in the Maldives’ official reserves by the end of 2024.
The President also pointed out that significant improvements will soon be visible in the foreign currency market. He stated that, starting from September 2025, state-owned companies would be able to receive dollars at the official exchange rate without needing to rely on the parallel market.
The government continues to explore measures to stabilize the country’s foreign exchange situation, and the President’s recent request is seen as part of broader efforts to address the challenges faced by Maldivian citizens in accessing US dollars.
The President shared this request via a post on his official X account, emphasizing that the measure aims to enable Umrah pilgrims performing the pilgrimage in Ramadan 1446 to acquire US dollars at the bank’s official foreign currency exchange rate with ease.
Delivering his Presidential Address at the First Sitting of the People’s Majlis for the year 2025, President Dr. Muizzu highlighted the importance of finding a permanent solution to the foreign currency exchange market issue, citing the interests of the state and all Maldivian citizens. He noted that the enactment of a law governing the foreign exchange market has been a positive step forward, resulting in an increase in the Maldives’ official reserves by the end of 2024.
The President also pointed out that significant improvements will soon be visible in the foreign currency market. He stated that, starting from September 2025, state-owned companies would be able to receive dollars at the official exchange rate without needing to rely on the parallel market.
The government continues to explore measures to stabilize the country’s foreign exchange situation, and the President’s recent request is seen as part of broader efforts to address the challenges faced by Maldivian citizens in accessing US dollars.
