The Ministry of Finance said the decision to raise the monthly US Dollar withdrawal limit for students studying abroad with Bank of Maldives accounts to US$1,200 will not be implemented due to a USD shortage. BML, the Maldives Monetary Authority and the Ministry of Higher Education are working together to develop a system to implement the policy, with no additional timelines provided.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
There are currently difficulties in implementing this policy and we are identifying the current USD demand and constraints in the country
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increase the per month US Dollar (USD) withdrawal limits for students, with Bank of Maldives (BML) accounts, studying abroad to US$1,200
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increase the per month US Dollar (USD) withdrawal limits for students, with Bank of Maldives (BML) accounts, studying abroad to US$1,200 will not be implemented starting tomorrow due to the USD shortage, the Ministry of Finance has admitted.
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BML suspended providing USD support to traders sending telegraphic transfers abroad at the beginning of January amid heightened friction between the bank and the administration.
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Subsequently, the bank's chairman and several board members were sacked, only to have the administration walk back the decision and reinstate some to the board.
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