The Maldivian government has indicated that the Bank of Maldives (BML) is set to provide significant relief regarding its foreign currency transaction limits by the end of June. These restrictions, which have been in place since the COVID-19 pandemic, have long impacted local cardholders.

During a press conference held at the President’s Office, President Dr. Mohamed Muizzu stated that he had personally inquired with the bank regarding the current limitations. He confirmed that BML has signaled its intention to ease the measures currently restricting dollar availability by the conclusion of the month.

While specific details of the new limits were not disclosed, the move is expected to alleviate pressure on the foreign exchange market. The bank had previously adjusted limits to $500 last year before implementing further restrictions citing geopolitical tensions. Currently, the scarcity of dollars has seen black market rates climb above MVR 20 per dollar.