President Dr Mohamed Muizzu has announced a sweeping financial initiative to improve access to foreign currency and make overseas payments easier for Maldivians.
During his visit to Muli in Meemu Atoll, the President said US dollar ATMs will be installed on 40 islands, including the seven designated urban centres and islands with fast-growing tourism. The project will be managed by Bank of Maldives (BML) and is expected to be completed by the first quarter of 2026.
Effective 11 November 2025, BML debit cardholders will see their overseas point-of-sale limit doubled to USD 1,000. The limit for airline tickets and hotel bookings will rise to USD 3,000. Patients travelling overseas will also be able to pay hospital bills directly via their debit cards.
The President highlighted that BML has already introduced Chinese yuan accounts to support growing trade with China. From 1 January 2026, UnionPay debit and credit cards will be issued, accepted in over 180 countries and tied to yuan accounts, giving Maldivians greater convenience abroad.
Muizzu said the measures would reduce reliance on high-cost dollar purchases and strengthen the economy. Analysts say the moves will benefit businesses, travellers, and the tourism sector while supporting the Government’s goal of modernising the country’s financial services.
