President Dr Mohamed Muizzu on Monday unveiled his Administration’s initiative to install US dollar ATMs on 40 islands across the country. The announcement was made during his visit to Muli in Mulaku Atoll, as part of his ongoing tour of four atolls.
The President stated that he has directed the Bank of Maldives to oversee the installation of US dollar ATMs on 40 islands, including the seven designated urban centres, as well as cities that currently lack such facilities. Islands experiencing rapid growth in local tourism will also be prioritised. He added that the Bank of Maldives aims to complete the project within the first quarter of next year.
The President further announced that, effective 11 November - the anniversary of the Bank of Maldives - the overseas point-of-sale transaction limit for the bank’s debit cards would be raised to USD 1,000. In addition, the limit for purchasing airline tickets and making payments to hotels abroad would increase to USD 3,000. Patients travelling overseas for medical treatment may also request the bank to process payments through their debit cards.
He highlighted that the Bank of Maldives had recently introduced the option of opening accounts in Chinese yuan. From 1 January next year, UnionPay debit and credit cards, accepted in more than 180 countries, will also be made available.
The President asserted that these measures would ease the burden of purchasing US dollars at inflated rates and would deliver positive results for the national economy.
