President Dr. Mohamed Muizzu has announced that the international point-of-sale (POS) transaction limit for Bank of Maldives (BML) debit cards will be doubled to USD 1,000, effective 11 November 2025.
The current ceiling of USD 500 has long been a source of frustration for many Maldivians traveling abroad. The new adjustment, the President explained, aims to make overseas payments more convenient while reducing reliance on costly informal currency markets.
Speaking at a gathering in M. Muli on Wednesday night, President Muizzu revealed that debit card limits for airline tickets and international hotel bookings will also be increased to USD 3,000.
In addition, the government has secured BML’s commitment to allow medical-related debit card payments directly to hospitals abroad starting on the same date. This, the President said, would ease a burden many families face when seeking treatment overseas.
The President emphasized that these measures are designed to reduce what he described as the “slavery” of depending on expensive black-market dollar purchases. By widening official transaction channels, he argued, Maldivians will have fairer access to foreign currency without being forced into informal exchanges.
Dr. Muizzu also pointed to new steps aimed at diversifying currency usage in the Maldives. BML has recently introduced the option to open Chinese Yuan accounts, a move the President believes will benefit local businesses trading with China.
Looking ahead, he announced that from January 2026, BML will introduce both debit and credit cards through UnionPay, a payment system already accepted in over 180 countries. He also highlighted ongoing discussions with BML to enable transactions in Indian Rupees, further broadening regional trade opportunities.
“These reforms will significantly reduce dollar dependency in businesses,” President Muizzu said. “With UnionPay, Chinese Yuan accounts, and expanded limits, Maldivian companies will be better positioned to operate internationally while strengthening the domestic economy.”
The President concluded that these changes represent a major step forward in creating a more sustainable financial system for the Maldives, ultimately easing pressures on individuals and businesses alike.
