Dollar Access Expanded: BML to Increase Credit Card Limits from Feb 1

Bank of Maldives (BML) will increase monthly foreign transaction limits on its credit cards starting February 1, a move aimed at easing access to foreign currency for customers and supporting overseas spending and online transactions.

The adjustment follows an earlier announcement by President Dr. Mohamed Muizzu, who said the changes form part of broader government efforts to enhance monthly dollar limits on credit cards. The revised limits will apply to all BML credit card customers from the start of next month.

Under the new structure, the foreign transaction limit for Classic Credit Cards will rise from USD 750 to USD 1,400. Gold Credit Card holders will see their limit increase from USD 750 to USD 1,500, while Platinum Credit Card customers will benefit from a significant boost, with limits doubling from USD 1,500 to USD 3,000.

The increase is part of a wider policy direction to gradually relax foreign currency restrictions and improve access for Maldivians amid ongoing demand for overseas payments, travel, education-related expenses and international online purchases.

President Muizzu has also previously announced plans to enhance foreign currency allowances for travelers. The current USD 500 allowance available to Maldivians departing from Velana International Airport is expected to be doubled to USD 1,000 within the first quarter of 2026.

In addition, the President indicated that credit card limits are expected to reach a baseline of USD 1,400 during the second quarter of 2026, signaling further potential increases as the government continues its foreign exchange policy adjustments.

The latest BML changes are expected to provide immediate relief to cardholders who rely on credit cards for international transactions, while aligning with the government’s broader strategy to improve dollar access across the economy.