To ease the financial burden on Maldivian Hajj pilgrims and improve access to foreign currency, President Dr Mohamed Muizzu has officially requested the Bank of Maldives (BML) to introduce an additional foreign transaction limit of USD 1,750 on debit cards exclusively for pilgrims undertaking the Hajj pilgrimage. The announcement was made by the President through his official X account, underscoring his administration’s continued efforts to support religious travelers and enhance the country’s economic framework.
Following the President’s request, BML promptly confirmed the introduction of the added debit card limit, stating that Maldivian Hajj pilgrims can now access an increased foreign currency quota to cover their expenses abroad. This initiative comes in addition to the existing annual foreign transaction limit and is aimed at making international travel for religious obligations more affordable and accessible for Maldivians.
Earlier this year, a similar facilitation was extended to Maldivian Umrah pilgrims traveling during the holy month of Ramadan. BML introduced an additional foreign transaction limit of USD 1,500 for these travelers. According to the bank’s report, over 1,300 Umrah pilgrims utilized this service, conducting approximately 8,979 transactions. The total foreign exchange facilitated for Umrah pilgrims through BML’s debit cards amounted to more than USD 1 million during Ramadan alone. These figures reflect a growing demand for secure and regulated access to foreign currency among Maldivians traveling for religious purposes.
The President’s directive aligns with broader government efforts to stabilise the Maldivian Rufiyaa and strengthen the national foreign exchange system. As part of this strategy, the government recently ratified and implemented a new foreign exchange law aimed at increasing official reserves and reducing dependency on the parallel market. Officials have projected that these measures will lead to a notable improvement in foreign currency reserves by the end of 2024.
In line with these reforms, from September 2025, state-owned enterprises will be granted access to US dollars at official exchange rates. This policy change is expected to further ease pressure on the parallel currency market and promote a more stable and transparent financial environment in the Maldives.
President Dr Muizzu’s latest financial facilitation for Hajj pilgrims not only underscores his administration’s commitment to supporting the religious aspirations of Maldivians but also demonstrates the government’s proactive approach to economic reform. By empowering citizens with better access to financial services abroad, the Maldives is reinforcing its economic resilience while simultaneously enhancing the quality of services available to outbound travelers.
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