President Mohamed Muizzu’s pledge to increase the dollar limit for Maldivians travelling overseas to USD 1,000 remains unfulfilled, even as the first quarter of the year has drawn to a close.
The government has yet to provide an explanation as to why this commitment has not been met.
Delivering the Presidential Address at the opening of Parliament last year, Muizzu announced that the current USD 500 limit for Maldivians departing from Velana International Airport (VIA) would be doubled to USD 1,000 within the first quarter. However, as April begins, the allowance remains at the previous limit of USD 500.
The key pledges outlined by Muizzu in his 2025 Presidential Address include:
- Travel Allowance: Increasing the limit from USD 500 to USD 1,000 (scheduled for Q1 2026).
- Credit Card Limits: Raising the limit from USD 750 to USD 1,400 (scheduled for Q2 2026).
- Business Support: Increasing the allocation of dollars provided by banks for Telegraphic Transfers (TTs).
- State-Owned Enterprises (SOEs): Establishing a mechanism by September to ensure SOEs can acquire necessary foreign currency without relying on the black market.
Muizzu had pledged to raise the limits for travelers and credit cards following the implementation of a new policy requiring resorts to exchange USD 500 per tourist (Category A) and guesthouses to exchange USD 25 per tourist (Category B). He suggested these measures would yield positive results; however, the anticipated benefits have yet to materialize, with the black market dollar rate surging above MVR 20.
Furthermore, several companies have reported that the dollar support previously provided by the Bank of Maldives (BML) for import-related TTs has been discontinued as of the end of this month.
