President Dr Mohamed Muizzu has called upon pertinent agencies to elevate the foreign transaction limit on debit cards issued by the Bank of Maldives (BML) to USD 1,500 for Umrah pilgrims travelling to Makkah, Saudi Arabia, during the holy month of Ramadan this year. The foreign transaction limit stipulates the maximum amount of US dollars that can be utilised for international transactions via credit and debit cards.
President Dr Muizzu announced this initiative through a social media post, highlighting that the enhanced transaction limit will significantly benefit Umrah pilgrims undertaking their pilgrimage during Ramadan 1446. President Dr Muizzu revealed that he had petitioned the BML and the Maldives Monetary Authority (MMA) to raise the foreign transaction limit on debit cards for Umrah pilgrims to USD 1,500.
This increase is in addition to the existing limit available to BML customers, according to the president. At present, BML provides a foreign transaction limit of USD 250 on debit cards. Under Dr Muizzu's directive, the limit for Umrah pilgrims performing their pilgrimage this Ramadan will rise to USD 1,750.
The increased transaction limit will be available at the official exchange rate of MVR 15.42. A substantial number of Maldivians travel to Makkah during Ramadan to perform the umrah pilgrimage. According to the Ministry of Islamic Affairs, the number of Maldivian pilgrims has been steadily increasing in recent years.
This decision follows the enactment of the Foreign Currency Act (Forex Act) earlier this year. The newly implemented legislation mandates that companies generating foreign revenue, including those in the tourism sector, exchange a portion of their earnings through local banks, ensuring improved regulation and control.
Government statistics indicate that, since the enactment of this law, companies generating foreign revenue have exchanged over USD 25 million through local banks within the past month. This legislation is anticipated to benefit the public through enhanced availability of foreign currency, as stated by Dr Muizzu.
The initiative to increase the foreign transaction limit for Umrah pilgrims aligns with President Dr Muizzu's announcement of plans to double the amount of US dollars available to Maldivians travelling abroad from Velana International Airport (VIA) during the first quarter of 2026.
Currently, BML provides USD 500 per local passenger departing from VIA. The administration aims to increase this amount to USD 1,000 by early 2026 and subsequently raise credit card limits to USD 1,400 by the second quarter of the same year, according to Dr Muizzu.