USD allocated for Maldivians travelling abroad to increase to USD 1000 next year

USD 500 currently allocated to every Maldivian traveling abroad will be doubled to USD 1,000 starting from the first quarter of next year, President Dr Mohamed Muizzu said today.

Delivering his Presidential Address in Parliament, the President emphasized his administration's commitment to maintaining the value of the Maldivian Rufiyaa and addressing issues in the foreign exchange market.

He said that a Foreign Exchange Act has been formulated and implemented to tackle these challenges, and positive changes in reserves will soon be be observed.

President Muizzu stated that from September this year, all foreign currency required by state-owned companies will be made available without the need to source it from the black market.

"From January 2026, the proportion of dollars allocated to banks for TTs will be increased. The USD 500 currently provided to each Maldivian departing from Velana International Airport will be doubled to USD 1,000 in the first quarter of 2026," he said.

Additionally, in the second quarter of next year, the credit card limit will be increased from USD 750 to USD 1,400. President Muizzu said that the more the Foreign Exchange Act is implemented, the greater its benefits for the people and the economy.

“The full cooperation of resorts, guesthouses, city hotels, and all businesses required to deposit dollars under this law is essential for its successful implementation,” he said.

During his recent tour of various atolls, President Muizzu said that USD 25 million had already been deposited under the new regulations.

Under the Foreign Exchange Act, since January, Category A resorts have been given the option of depositing either USD 500 per tourist or 20 percent of their gross monthly revenue.

For Category B establishments, guesthouses are required to deposit either USD 25 per tourist or 20 percent of their monthly revenue.