Bank of Maldives (BML) has announced a major increase in the monthly foreign transaction limit for MVR debit cards to US $500, fulfilling a core promise made by President Dr. Mohamed Muizzu during the first anniversary of his government — with further increases to foreign transaction limits expected in the near future as dollar reserves continue to strengthen under his bold reform agenda.
Effective from 1 July 2025, this landmark decision underscores President Muizzu’s unwavering commitment to empowering local Maldivians and giving them greater freedom when accessing global goods and services. During the special event marking one year of his administration, President Muizzu pledged to reform restrictive foreign transaction policies that had limited opportunities for local citizens. He highlighted that Maldivians at home deserve seamless access to international markets — whether for essential medical services, educational needs, or online shopping — without outdated financial barriers.
The new US $500 monthly spending cap for overseas transactions delivers directly on this vision, allowing local debit cardholders to pay more easily for hotel bookings, global e-commerce, and vital services abroad. Additionally, ATM cash withdrawals overseas will now be permitted up to US $125 per month, with a fixed fee of US $10 per transaction.
President Muizzu’s strong focus on practical, people-centered economic policies has been a cornerstone of his leadership. By introducing this higher spending limit, the government shows its dedication to enhancing the lives of ordinary citizens and supporting their global ambitions.
To safeguard national dollar reserves and ensure responsible use, BML has also introduced strict controls against misuse. A transaction fee of up to 30% will be charged on purchases from major e-commerce platforms such as Temu, Shein, Alibaba, AliExpress, Lazada, and eBay when used for business purposes. These fees do not apply to debit cards linked to USD accounts or to credit cards, ensuring fairness and flexibility for personal spending.
Thanks to President Muizzu’s foreign currency reform strategy, which has already strengthened national reserves through improved repatriation of foreign earnings, further enhancements to these limits are now within reach. Officials have signaled that as reserves remain stable and continue to grow, even higher foreign transaction caps will be introduced in the near future.
With this milestone, President Muizzu has once again proven his ability to turn promises into action, creating new opportunities for Maldivians to connect with the world confidently and without restriction. As the nation moves forward under his visionary leadership, citizens can look forward to even greater financial freedom and a stronger, more inclusive economy built on trust and progress.
