If the President has made a pledge regarding dollar limits, he will fulfill it within the designated timeframe: Saeed
The government has pledged to increase the foreign currency allowance for departing passengers from $500 to $1,000 before the end of this year's first quarter.
Minister of Economic Development and Trade Mohamed Saeed. | President's Office | President's Office
Minister of Economic Development and Trade Mohamed Saeed has stated that if President Dr. Mohamed Muizzu has made a pledge regarding dollar limits, he will fulfill that commitment within the designated timeframe.
Minister Saeed made these remarks during a press conference held at the President's Office on Tuesday.
The government had previously pledged to increase the dollar allowance for passengers traveling abroad from $500 to $1,000 before the end of the first quarter of this year. Responding to inquiries regarding this matter, the Minister assured that President Dr. Mohamed Muizzu will fulfill the promises he has made.
The Minister stated that the Bank of Maldives is currently undertaking the necessary preparations and assured that the commitment would be fulfilled by the pledged deadline.
Any pledge made by the President will be fulfilled accordingly. Bank of Maldives will facilitate the arrangements as specified by the President. Any outstanding matters or future commitments will be finalized in accordance with the stated deadlines, and there is no cause for further concern regarding these issues.Minister of Economic Development and Trade Mohamed Saeed
With the first quarter of the year drawing to a close, the Minister responded to inquiries regarding the progress of these initiatives by stating that a formal response would be provided after clarifying certain details with the bank. The Minister further noted that the government has already implemented measures to ease dollar liquidity in several sectors.
President Dr. Mohamed Muizzu has pledged that by the first quarter of 2026, the dollar limit on bank cards will be increased to $1,400, and Maldivians traveling abroad will be able to purchase up to $1,000 at the official bank rate. The President noted that the recent amendments to foreign exchange regulations, which require resorts to exchange dollars through the banking system, will directly benefit citizens by enabling an increase in the dollar exchange limits for those traveling overseas.
However, despite the recent amendments to the foreign exchange regulations, many continue to express concern as the dollar shortage remains unresolved.
