President asks MMA, BML to facilitate extra $1500 for Umrah pilgrims
The government has also introduced measures to address foreign exchange concerns.
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President Mohamed Muizzu on Monday asked the central bank and Bank of Maldives (BML) to allow each Maldivian pilgrim travelling for Umrah during the upcoming Ramadan to access $1,500 from their debit cards at the official exchange rate.
In a post on 'X', President Muizzu stated that steps were being taken to facilitate dollar access for Maldivians performing Umrah. He has directed the Maldives Monetary Authority (MMA) and BML to increase the foreign exchange limit on BML debit cards for Umrah travellers.
Under the changes:
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The current BML debit card limit of $250 will be increased by an additional $1,500 for Umrah pilgrims, raising the total limit to $1,750.
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Pilgrims will also be allowed to purchase an additional $500 through the bank for airfare.
The government has also introduced measures to address foreign exchange concerns. These include:
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A new Foreign Exchange Act requiring resorts to convert $500 per tourist or 20% of their earnings into Maldivian Rufiyaa.
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Guesthouses, safaris, and hotels (Category B establishments) must exchange $25 per tourist or 20% of their monthly foreign exchange earnings.
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Businesses, excluding financial institutions, that received at least $15 million in foreign currency in the past year for services and goods are required to exchange 20% of their monthly foreign currency income.
