President Muizzu to Establish Dollar ATM in Thoddoo

President Dr. Mohamed Muizzu has announced plans to establish a dollar ATM in AA. Thoddoo, aiming to enhance banking accessibility for the island’s residents and support its expanding local tourism industry.

During his visit to Thoddoo, the President highlighted the island as a growing tourism hub, with 50 operational guesthouses and 40 additional projects underway. He noted that Thoddoo is expected to accommodate around 3,000 tourists annually within the next two years. Recognizing the increasing need for financial services, the President stated that residents and businesses should have the capability to withdraw US dollars directly on the island.

Currently, the only dollar ATM outside of Malé is located in Maafushi. President Muizzu expressed his intention to address this limitation by coordinating with the Bank of Maldives (BML) to establish a dollar ATM in Thoddoo.

The President also emphasized his administration’s broader initiative to decentralize banking services. Plans are underway to install ATMs on islands without existing facilities and to establish BML branches on islands with larger populations. He assured that both BML and Maldives Islamic Bank (MIB) ATMs would be introduced as part of this effort.