President Muizzu Announces BML to Ease Foreign Exchange Card Limits by Month-End

President Dr. Mohamed Muizzu has announced that restrictions on foreign transactions for Bank of Maldives (BML) cards will be relaxed by the end of this month. The move aims to provide significant relief to citizens who have struggled with limitations on international online purchases and e-commerce transactions. Speaking at a weekly press conference held at the President's Office, President Muizzu revealed that his administration has been engaging with BML management to resolve the current dollar shortage. He noted that while the bank has been experiencing operational difficulties, recent consultations indicate that a lifting of the restrictions is expected by the month's end. BML previously imposed strict limits on MVR card transactions for overseas retail sites due to a decline in foreign exchange availability. The bank attributed these shortages to the ongoing conflict in the Middle East, which has impacted global currency flows. A bank spokesperson previously disclosed that BML had been selling approximately USD 1.33 million daily to facilitate these types of transactions. Under the current restrictive policy, the bank operates within a fixed daily budget for dollar sales, meaning some retail websites are occasionally unable to process payments. However, BML confirmed that cards linked directly to dollar accounts remain exempt from these limits, allowing for unlimited transactions. To protect vulnerable groups, BML guaranteed that these measures have not affected the limits provided to Maldivian students studying abroad. Furthermore, the bank has implemented a three-month grace period for students who were previously using their parents' cards, allowing them time to transition to their own dedicated student accounts. Bank officials emphasized that the restrictions were a necessary temporary measure to preserve foreign exchange reserves for essential national needs. The bank reiterated its commitment to gradually restore full functionality to MVR card transactions as the availability of US dollars improves.