BML Revises USD Exchange Limits for Students

The Bank of Maldives (BML) has revised USD exchange limits for students studying abroad, reducing limits by over 50% based on the country of study. The new limits range from $415 to $615 monthly, replacing the previous $1,000 flat rate. The changes were made in consultation with the Ministry of Higher Education, Labour and Skills Development amid a persistent USD shortage in the Maldives. BML has sold $333 million more USD than received from customers and the MMA. CEO Karl Stumke cited financial sustainability concerns. In December 2023, the administration announced plans to raise the monthly USD withdrawal limit to $1,200, aligning with President Mohamed Muizzu's pledge to abolish dollar limits. The USD shortage persists, with parallel market rates of MVR 16-18 per USD versus the official rate of MVR 15.42, prompting calls for regulatory action.

The Bank of Maldives (BML) has revised USD exchange limits for students studying abroad, reducing limits by over 50% based on the country of study. The new limits range from $415 to $615 monthly, replacing the previous $1,000 flat rate. The changes were made in consultation with the Ministry of Higher Education, Labour and Skills Development amid a persistent USD shortage in the Maldives. BML has sold $333 million more USD than received from customers and the MMA. CEO Karl Stumke cited financial sustainability concerns. In December 2023, the administration announced plans to raise the monthly USD withdrawal limit to $1,200, aligning with President Mohamed Muizzu's pledge to abolish dollar limits. The USD shortage persists, with parallel market rates of MVR 16-18 per USD versus the official rate of MVR 15.42, prompting calls for regulatory action.

The Bank of Maldives (BML) has revised USD exchange limits for students studying abroad, reducing limits by over 50% based on the country of study. The new limits range from $415 to $615 monthly, replacing the previous $1,000 flat rate. The changes were made in consultation with the Ministry of Higher Education, Labour and Skills Development amid a persistent USD shortage in the Maldives. BML has sold $333 million more USD than received from customers and the MMA. CEO Karl Stumke cited financial sustainability concerns. In December 2023, the administration announced plans to raise the monthly USD withdrawal limit to $1,200, aligning with President Mohamed Muizzu's pledge to abolish dollar limits. The USD shortage persists, with parallel market rates of MVR 16-18 per USD versus the official rate of MVR 15.42, prompting calls for regulatory action.

This story involves 1 source and may affect public understanding of student exchange / usd shortage.