President Dr. Mohamed Muizzu on Monday announced his request to the Maldives Monetary Authority (MMA) and the Bank of Maldives to facilitate the increase of the US dollar transaction limit on Bank of Maldives issued debit cards to USD1500 for Umra Pilgrims traveling to perform pilgrimage in the upcoming month of Ramadan.
The President shared this request via a post on his official X account.
The President stated that his request aims to enable Umrah pilgrims performing the pilgrimage in Ramadan 1446 to acquire US dollars at the bank’s official foreign currency exchange rate with ease.
Speaking while delivering his Presidential Address at the First Sitting of the People’s Majlis for the year 2025, President Dr. Muizzu emphasised the need for a permanent solution to the foreign currency exchange market issue, citing the interests of the state and every individual Maldivian citizen.
He noted that the enactment of a law governing the foreign exchange market was a positive step forward, resulting in an increase in the Maldives’ official reserves by the end of 2024.
The President also highlighted that positive changes would soon be visible, with state-owned companies able to receive dollars at the official rate from September 2025, without the need to resort to the parallel market.
