The Bank of Maldives has revised its monthly US dollar sale limits for Maldivian students studying abroad, replacing a flat US$1,000 allowance with lower country-specific caps set in consultation with the Ministry of Higher Education, Labour and Skills Development. The move comes as a persistent dollar shortage pushes more people toward parallel-market rates well above the official rate.
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.
When it is unsustainable for the bank to keep selling what it cannot afford to buy, it is forced to make decisions to secure its financial position and reduce exposure to risks until the situation becomes more viable
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
The bank, instead of offering the blanket US$1,000 previously sold to students undertaking their higher education abroad, revised its limit based on the country of study
Word for word from the report in Maldives Republic. Open the report
India US$440
Word for word from the report in Maldives Republic. Open the report
Nepal US$415
Word for word from the report in Maldives Republic. Open the report
Philippines US$450
Word for word from the report in Maldives Republic. Open the report
Russia US$615
Word for word from the report in Maldives Republic. Open the report
With this change, USD sold to most students sees more than a 50 percent reduction.
Word for word from the report in Maldives Republic. Open the report
In the past few years, BML sold US$333 million in excess of amounts received from customers and the Maldives Monetary Authority (MMA).
Word for word from the report in Maldives Republic. Open the report
In December 2023, the administration announced plans to increase the monthly USD withdrawal amount, through funds in MVR accounts converted to USD, to US$ 1,200 dollars
Word for word from the report in Maldives Republic. Open the report
where prices range from MVR 16 to over MVR 18 per USD, despite the official exchange rate of MVR 15.42
Word for word from the report in Maldives Republic. Open the report
where prices range from MVR 16 to over MVR 18 per USD, despite the official exchange rate of MVR 15.42
Word for word from the report in Maldives Republic. Open the report
The bank, instead of offering the blanket US$1,000 previously sold to students undertaking their higher education abroad, revised its limit based on the country of study — the new limits were determined in consultations with the Ministry of of Higher Education, Labour and Skills Development.
Word for word from the report in Maldives Republic. Open the report
The bank has informed students of the change via email.
Word for word from the report in Maldives Republic. Open the report
