Bank of Maldives (BML) has revealed that the decision to raise the dollar limit for students studying abroad is still pending. BML’s Head of Public Relations, Mohamed Saeed, stated that discussions with the Ministry of Finance are ongoing, addressing crucial aspects such as the amount of dollars needed, the extent of the change, and the establishment of a system for this adjustment.
The proposed increase, set to take effect from February 1, aims to enhance financial support for Maldivian students studying overseas. Despite the Cabinet’s decision in December to raise the limit on BML credit and debit cards for these students, finalizing the decision awaits the BML board’s verdict.
Finance Minister Dr. Mohamed Shafeeq emphasized the commitment to meet the targeted limit increase by the stipulated date. However, he highlighted that the decision hinges on the resolution of challenges faced by BML. The Ministry of Finance is actively collaborating with the Ministry of Higher Education to gather essential information on students studying abroad, ensuring a comprehensive approach to address the challenges and facilitate the adjustment.
As the discussions unfold, BML assures customers that any changes in the dollar limit will be based on the availability of the bank to purchase foreign currency. The community eagerly awaits further updates as the authorities work towards resolving the intricacies surrounding this significant financial adjustment for students.