Muizzu Informs BML and MMA to Increase US Dollar Rate 1,500 for Umra Pilgrims
Maldives Hajj Corporation
President Dr Mohamed Muizzu instructed the Bank of Maldives (BML) and the Maldives Monetary Authority (MMA) yesterday to facilitate an additional USD 1,500 on BML debit cards for Maldivians undertaking the Umrah pilgrimage during Ramadan.
In a post on X, President Muizzu said this amount should be based on the bank’s official exchange rate and in addition to the amount of US Dollars available for Maldivian citizens leaving the country.
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Currently, Maldivians can access up to USD 250 per month through debit cards, while travellers are permitted USD 500 per ticket when travelling abroad.
1446 ވަނަ އަހަރުގެ ރަމަޟާންމަހު ޢުމްރާއަށް ވަޑައިގަންނަވާ ފަރާތްތަކަށް ބޭންކްގެ ރަސްމީ ރޭޓުގައި ޑޮލަރު ހޯދުމުގައި ލުއި ފަސޭހަ ޙައްލެއް ހަމަޖައްސައިދިނުމުގެގޮތުން، ކޮންމެ ޢުމްރާވެރިއެއްގެ ބޭންކް އޮފް މޯލްޑިވްސް ޑެބިޓް ކާޑަށް، މިހާރު އޮންނަ ޑޮލަރުގެ ލިމިޓުގެ އިތުރުން 1500 ޑޮލަރުގެ…— Dr Mohamed Muizzu (@MMuizzu) February 10, 2025
Speaking while delivering his Presidential Address at the First Sitting of the People’s Majlis for the year 2025, President Muizzu emphasised the need for a permanent solution to the foreign currency exchange market issue. He noted that the enactment of a law governing the foreign exchange market was a positive step forward, resulting in an increase in the Maldives’ official reserves by the end of 2024. The President also highlighted that positive changes would soon be visible, with state-owned companies able to receive US dollars at the official rate from September 2025, without the need to resort to the parallel market (black market).
