President Dr Mohamed Muizzu has requested the Bank of Maldives (BML) to introduce an additional US dollar limit of USD 1,750 on debit cards for Hajj pilgrims, supplementing the existing card limit. He announced this request today via his official X account.
In a similar move earlier this year, BML facilitated Umrah pilgrims travelling during Ramadan by providing a debit card limit of USD 1,500. The bank reported disbursing approximately USD 1,005,172.82 across 8,979 transactions.
These initiatives are part of the Government’s strategy to stabilise the Maldivian Rufiyaa and address ongoing foreign exchange challenges. A new foreign exchange law has been ratified and implemented, contributing to increased official reserves expected by the end of 2024.
From September 2025, state-owned enterprises will be able to access US dollars at official rates, reducing reliance on the parallel market and enhancing exchange rate stability.
President Dr Muizzu’s recent directives mark a key step in supporting Hajj and Umrah pilgrims, while also strengthening the Maldives’ foreign exchange framework and overall economic resilience.