President Dr Mohamed Muizzu has announced that the international point-of-sale (POS) transaction limit for Bank of Maldives (BML) debit cards will be increased to USD 1,000 starting from 11 November 2025. The current limit is USD 500.
During a meeting held in M. Muli, the President outlined several related changes, including an increase in the debit card transaction limit for airline ticket purchases and international hotel bookings to USD 3,000. He also noted that debit card transactions for medical payments to hospitals abroad will be made available from the same date.
The President described the measures as an effort to ease reliance on the informal foreign exchange market. He added that BML has introduced the option to open Chinese Yuan accounts and highlighted further plans to expand currency options. From January 2026, UnionPay debit and credit cards, which operate in more than 180 countries, will be introduced in the Maldives.
He also stated that BML has been instructed to enable the use of Indian Rupees for local businesses, emphasising the potential benefits for companies engaged in trade with India and China. According to the President, these initiatives are expected to reduce demand for US dollars and support the country’s business sector and wider economy.
