Locals traveling abroad will be entitled to USD 1,000 from Q2 of 2026: Pres.
He said economic growth will be speedier this year compared to 2024
President Muizzu delivering his second presidential address at parliament's inaugural sitting on Thursday
President Dr. Mohamed Muizzu has revealed that Maldivians traveling abroad will be able to purchase USD 1,000 from the second quarter of 2026.
He said this during his second presidential address delivered at the inaugural sitting of the People’s Majlis for 2025, held on Thursday morning.
Shedding light on the island nation’s economic situation, the president said that as the law on USD conversion from resorts has been implemented, there will be significant relief in the USD rate. He also said that credit card limits will be increased to USD 1,400.
Further, he stated that this is something that will directly benefit Maldivian citizens and pave the way for increased prosperity as the law is implemented.
The president emphasized that it is essential for resorts, guesthouses, city hotels, and all businesses required to convert USD under the law to provide full cooperation in implementing the law. He said that the law will make it easier to enforce foreign currency regulations. He also mentioned that along with this, the amount of USD converted to banks by the tourism industry and other businesses that earn foreign currency, as well as the amount of dollars circulating in the banking system, will increase.
The president said that looking at the country's economic situation, economic growth will be speedier this year compared to 2024, with the Maldivian economy projected to grow by 6.4 percent this year.
In addition to this, he highlighted that the country's official reserve has also increased over the past year. At the end of 2024, this reserve stood at USD 673.2 million, which is 14 percent higher than the USD 590.5 million at the end of 2023.
With this positive economic outcome, the president highlighted that maintaining the value of the Maldivian Rufiyaa and finding a permanent solution to the problems in the foreign exchange market is also something that must be done for the sake of the Maldivian state and every Maldivian citizen.
The president added that from September this year, arrangements will be made for state-owned companies to obtain USD at the official rate without going to the parallel market. Further, from January 2026, the proportion of USD released by banks for TTs for Maldivian businesses to import goods will be increased.
