President Dr. Mohamed Muizzu has announced sweeping reforms to the financial sector, set to take effect on 11 November 2025, with the aim of eliminating the USD black market and strengthening the Maldivian economy.
Speaking to residents of Muli in Mulak Atoll during his ongoing atoll tour, President Muizzu said the government has been making consistent efforts to maintain a fixed dollar rate. He stressed that the upcoming reforms will make foreign exchange more accessible and transparent, ultimately bringing stability to the economy.
Key Measures to Take Effect from 11 November
- Debit card payment limit abroad at POS machines will be raised to USD 1,000.
- Ticket and hotel payment limit will be increased to USD 3,000.
- Special arrangements will be introduced to cover medical expenses abroad.
The President said these steps, along with other reforms, will dismantle the USD black market and bring “positive and long-lasting change” to the national economy.
Expanding ATM Network and Currency Options
President Muizzu highlighted that ATM machines have already been installed in seven urban centres and popular tourist islands. Plans are underway to extend this service to 40 additional islands, further improving dollar access for residents and businesses.
He also announced upcoming financial innovations:
- The Bank of Maldives (BML) has already introduced Chinese Yuan accounts, which will benefit local businesses engaged in trade with China.
- UnionPay Debit and Credit Cards, accepted in more than 180 countries, will be rolled out on 1 January 2026.
- Arrangements are being made to facilitate transactions in Indian Rupees, further diversifying payment options.
Strengthening Reserves through Policy Changes
President Muizzu noted that amendments to the Foreign Currency Act, which made it compulsory for resorts to exchange dollars at local banks, came into effect on 1 January 2025. This measure, he said, has already contributed to strengthening the nation’s foreign reserves.
BML Launches Chinese Yuan Accounts and WeChat Pay Integration
In line with the government’s financial reforms, the Bank of Maldives (BML) has launched Chinese Yuan accounts for the first time in the Maldives, a milestone in boosting trade and financial transactions between the Maldives and China.
The launch event was attended by Chinese Ambassador Kong Xianhua, BML Chairperson Ahmed Ali Habeeb, CEO and Managing Director Mohamed Shareef, and members of the BML board.
Services Introduced with Yuan Accounts
- Individuals and businesses can now open current accounts in Chinese Yuan via Internet and Mobile Banking.
- International transfers (TT) in Yuan are available, allowing direct transactions without conversion.
- Letters of Credit (LC) in Yuan are now offered, streamlining trade finance for importers and exporters.
- WeChat Pay integration enables BML customers to add their MVR Visa and Mastercard debit/credit cards, as well as USD cards, to make seamless payments in China.
For the first time, Maldivians can receive payments directly in Yuan into their WeChat Wallet, and use those funds for purchases in Mainland China or to transfer money via the platform.
Speaking at the event, CEO Mohamed Shareef said the launch represents “a significant leap forward in modernizing the Maldives’ financial landscape.” He emphasized that these services will enable the business community to trade more efficiently, while offering “unprecedented convenience” to individuals.
Upcoming UnionPay Services
BML also announced plans to issue UnionPay cards from January 2026, available to both individuals and corporate customers. These cards will provide access to one of the world’s largest payment networks, accepted in over 180 countries worldwide.
