Umrah pilgrims to receive extra USD 1,500 on BML debit cards

President Dr. Mohamed Muizzu has instructed the Bank of Maldives (BML) to raise the debit card limit for US dollar transactions by an additional USD 1,500 for Maldivians who are undergoing umrah pilgrimage in the upcoming Ramadan.

In a post on X on Monday afternoon, President Muizzu said that he gave the instructions to the Maldives Monetary Authority (MMA) and BML in order to provide pilgrims who are leaving for Saudi Arabia to perform the umrah pilgrimage in Ramadan with access to the USD they need.

“…. I have instructed the Bank of Maldives and the MMA to provide an extra USD 1,500 for each umrah pilgrim on top of the existing dollar limit on BML debit cards,” he said.

1446 ވަނަ އަހަރުގެ ރަމަޟާންމަހު ޢުމްރާއަށް ވަޑައިގަންނަވާ ފަރާތްތަކަށް ބޭންކްގެ ރަސްމީ ރޭޓުގައި ޑޮލަރު ހޯދުމުގައި ލުއި ފަސޭހަ ޙައްލެއް ހަމަޖައްސައިދިނުމުގެގޮތުން، ކޮންމެ ޢުމްރާވެރިއެއްގެ ބޭންކް އޮފް މޯލްޑިވްސް ޑެބިޓް ކާޑަށް، މިހާރު އޮންނަ ޑޮލަރުގެ ލިމިޓުގެ އިތުރުން 1500 ޑޮލަރުގެ…

— Dr Mohamed Muizzu (@MMuizzu) February 10, 2025

The BML has a monthly limit of USD 250 for foreign transaction on its debit cards. But with the implementation of President Muizzu’s decision, umrah pilgrims will be able to make USD 1,750 in transactions.

They can also access the USD 500 available for outbound Maldivian travelers.

Holidays, as well as haj and umrah seasons, see a spike in USD exchange rate in the black market. With the limit in access to USD at the bank rate, many travelers are forced to tap into the black market to get the USD they need.

President Muizzu has also announced plans to double the USD 500 available to outbound travelers for purchase at the bank rate to USD 1,000 in the first quarter of next year, and to increase the credit card limit to USD 1,400 in the second quarter of next year.

He also said that a mechanism will be created in September where state-owned enterprises can access USD at the bank rate without needing to go to parallel markets, and that the USD limit allowed by banks to Maldivian business operators to make TTs for imports will be increased in January 2026.

These changes follow the enactment of the Foreign Currency Act, mandating tourist establishments and other select businesses to exchange a portion of USD revenue at local banks.