Maldives Monetary Authority (MMA) has started working with banks to strengthen the procedures for issuing dollars to Maldivian students studying abroad.
The central bank said the change will improve the rules to be followed in issuing dollars to the public through banks. As such, MMA launched a concessionary arrangement for students studying abroad to get the dollars they need.
President Ibrahim Mohamed Solih requested the Bank of Maldives (BML) to provide more concessions to businessmen who use its services and to address the existing difficulties in issuing money to students abroad. He made the request while addressing a special ceremony held at CROSSROADS Maldives to mark the 40th anniversary of the national bank.
MMA said that BML placed limits on telegraphic transfers (TTs) for students abroad on January 1. BML has also limited remittances to students studying abroad. As such, the bank stated that dollars will now be issued for tuition fees and living allowances to full-time tertiary students studying above A'Level, and students studying aviation, law, and medicine.