BML to Ease Foreign Spending Limits by End of Month, President Says

President Dr Mohamed Muizzu has said the Bank of Maldives (BML) has indicated that restrictions on monthly foreign transactions will be eased significantly towards the end of this month.

The announcement comes amid ongoing limits on overseas spending via BML debit cards, which have affected customers attempting to make even low-value purchases on foreign websites.

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BML had initially set a USD 250 monthly limit for overseas payments using debit cards, later increasing it to USD 500. However, a revised system has since introduced specific caps across all debit cards.

Speaking at the President’s Office weekly press conference, President Muizzu said the current restrictions were linked to foreign currency constraints faced by the bank. He noted that, following recent discussions, BML had indicated that the limits would be relaxed substantially by the end of the month.

The foreign spending controls apply to payments made abroad via point-of-sale terminals and ATMs, with usage restricted to individuals physically outside the country. The measure was introduced amid concerns over misuse of cards, including reports of individuals renting out cards to travellers.

BML has also imposed a 30 per cent fee on selected overseas e-commerce platforms, including Temu, Shein, Alibaba, AliExpress, Lazada and eBay, citing high foreign currency outflows.

Previous policy updates announced in September last year outlined higher overseas spending thresholds, including up to USD 1,000 for general foreign purchases and up to USD 3,000 for airline tickets, accommodation, and overseas medical payments.

The government has maintained that the measures reflect broader foreign currency pressures and increased demand for online transactions rather than structural economic weakness, while BML continues to manage allocations across essential and non-essential spending channels.