President Dr. Mohamed Muizzu has announced a landmark step in easing the nation’s dollar shortage, revealing that Bank of Maldives (BML) will double the overseas debit card transaction limit from $500 to $1,000.
The President made the announcement while addressing the people of M. Muli during his ongoing tour of Meemu Atoll. He confirmed that the new limit will take effect on November 11th, coinciding with BML’s annual day, as part of broader measures to free Maldivians from the burden of relying on the black market for foreign currency.
Expanded Services for Citizens
Alongside the increased POS transaction limit, President Muizzu outlined additional services to be introduced on the same date:
- Airline ticket and hotel payment limit raised to $3,000 using debit cards.
- Hospital payments abroad enabled upon request through BML.
“These steps will empower Maldivians to conduct essential transactions with dignity and security, without being exploited by inflated black-market rates” the President declared.
Currency Diversification
In a historic first, BML will also open accounts in Chinese yuan, with plans to roll out UnionPay debit and credit cards from January 2026. Accepted in over 180 countries, these cards will offer Maldivians a direct channel for yuan-based transactions.
The President further noted that work is underway to implement similar services in Indian rupees, acknowledging both the yuan and rupee as the most commonly used currencies for Maldivian trade after the US dollar.
Strengthening Financial Sovereignty
By diversifying currency options and expanding transaction limits, President Muizzu emphasized that his administration is delivering practical solutions to stabilize the economy, reduce reliance on the dollar, and shield citizens from unnecessary hardship.
“This government will not allow Maldivians to be held hostage by market manipulators” he affirmed, framing the reforms as a victory for the people.
