President Dr. Mohamed Muizzu has indicated that Bank of Maldives (BML) customers could see significant relief from current foreign transaction restrictions by the end of this month, amid ongoing efforts to address the country’s foreign currency challenges.
The President made the remarks during a press conference at the President’s Office while responding to questions regarding the dollar shortage and restrictions affecting overseas online purchases made with Maldivian Rufiyaa cards.
According to President Muizzu, discussions held with the country’s largest bank suggest that improvements are expected in the near future.
“Bank of Maldives has maintained certain limits because of challenges it is facing. However, information provided to the President’s Office indicates that, God willing, substantial relief will be introduced by the end of this month,” the President said.
The announcement comes as many BML customers continue to face difficulties making purchases from international e-commerce platforms after the bank tightened controls on foreign currency spending through local currency cards.
BML previously explained that the restrictions were introduced as part of efforts to manage foreign currency reserves and ensure that available dollars are prioritized for essential economic needs.
The bank has attributed the situation partly to reduced foreign currency inflows resulting from a slowdown in tourism arrivals linked to instability in the Middle East. According to BML, the decline affected the volume of foreign currency the bank is able to purchase from the tourism sector and other sources.
Speaking earlier on the issue, BML spokesperson Mohamed Saeed said the bank had previously sold an average of USD 1.33 million per day for foreign online transactions conducted through MVR cards.
Under the current arrangement, the bank allocates a fixed daily foreign currency budget for such transactions. Once that allocation is exhausted, purchases from certain overseas retail websites may be declined until the next day’s budget becomes available.
However, BML has clarified that these restrictions do not apply to cards linked directly to US Dollar accounts, which continue to operate without the same transaction limitations.
The bank has also assured customers that students studying abroad will not be affected by the changes. In addition, a three-month grace period was introduced for students who are still using cards issued under their parents’ accounts, allowing time to obtain dedicated student cards.
The issue of dollar availability has been a recurring concern in the Maldives, where foreign currency demand remains high due to imports, overseas education expenses, travel and online purchases. In recent months, the government has highlighted several developments aimed at strengthening the country’s foreign currency position, including the settlement of major external debt obligations and growth in official reserves.
BML has previously stated that transaction limits would be reviewed and gradually eased as the bank’s access to foreign currency improves.
President Muizzu’s latest comments are likely to be welcomed by customers who have been seeking greater flexibility when making payments on international platforms and online marketplaces.
