Maldives government faces a delay in its plan to increase the monthly US Dollar limit for Maldivian students abroad. Initially set to rise from USD 750 to USD 1,200 by February 1, the decision remains pending as discussions between the Ministry of Finance and the Bank of Maldives (BML) continue.
An official from BML disclosed that deliberations involve determining the extent of the required dollar adjustment, the scale of the change, and the mechanism for implementing the limit increase. The bank clarified its ability to provide dollar support contingent on the foreign currency amounts received.
Despite earlier assurances from Minister of Finance Mohammad Shafeeq regarding the scheduled date for the limit elevation, the Ministry and BML are yet to reach a conclusive decision. Shafeeq emphasized that the final call would be made post-BML board deliberations, highlighting the government’s commitment to addressing concerns raised by Maldivian students.