President Dr. Mohamed Muizzu has indicated that Bank of Maldives (BML) is expected to significantly relax its foreign currency spending restrictions later this month, offering potential relief to customers affected by current dollar limits.
Speaking during a press briefing at the President’s Office, President Muizzu said BML had informed his administration that a substantial easing of the restrictions is likely before the end of June.
The bank previously imposed tighter controls on foreign currency transactions due to challenges in maintaining sufficient US dollar availability. While BML had earlier increased the monthly debit card limit for overseas purchases from USD 250 to USD 500, it later introduced different spending thresholds across card categories as part of its foreign exchange management measures.
The restrictions have generated concern among many customers, particularly those who rely on international e-commerce platforms for online purchases. Some users have reported difficulties completing transactions on overseas websites due to the reduced availability of foreign currency spending allowances.
Addressing the issue, President Muizzu acknowledged that the limitations were introduced because of pressure on the bank’s dollar reserves. However, he said information received from BML suggests that conditions are expected to improve considerably in the coming weeks.
“BML has indicated that a significant relaxation of these restrictions is expected by the end of this month,” the President said.
The foreign spending limits were also tightened to address the growing practice of individuals lending bank cards to others travelling abroad for overseas transactions, a trend that authorities said contributed to increased demand for foreign currency.
In addition, BML previously introduced a 30 percent fee on purchases made through several major international e-commerce platforms, including Temu, Shein, Alibaba, AliExpress, Lazada and eBay, as part of efforts to manage foreign currency outflows.
Current arrangements also provide higher limits for specific categories such as airline ticket purchases, overseas hotel payments and medical expenses abroad. Under these provisions, eligible transactions can access spending limits of up to USD 3,000.
The President’s remarks are likely to be welcomed by customers and online shoppers who have been calling for greater access to foreign currency and more flexible international payment options.
