President Dr Mohamed Muizzu has announced plans to increase the credit card limit for Maldivians to USD 1,400 by 2026 under new foreign exchange regulations. Speaking at the Week 52 event at the Social Centre, he highlighted key measures aimed at ensuring sustainable access to US dollars.

The Maldives Monetary Authority (MMA) has introduced regulations requiring tourism businesses to deposit USD 500 per tourist into the banking system. The President noted that these measures would help stabilise the dollar supply and gradually increase the credit card limit from the current USD 700 to USD 1,400 by the first quarter of 2026.

He also explained that state-owned enterprises (SOEs) often rely on parallel or black markets for dollars, leading to higher costs. Under the new rules, starting 1 January 2025, SOEs will be able to access dollars at official bank rates, eliminating the need to resort to unofficial markets.

Additionally, Maldivians travelling abroad from Velana International Airport will have the option to purchase USD 500 at the bank rate. If the dollar-sharing system succeeds with tourism industry support, this limit will increase to USD 1,000 by mid-2026.