The government has decided to introduce a registry with the objective of increasing the limit of United States (US) dollars withdrawn by students studying abroad via Bank of Maldives (BML) cards.
The Cabinet has decided to raise the limit on dollar withdrawals for students using debit and credit cards while studying abroad, in response to the guidance of President Dr. Mohamed Muizzu on December 25, 2023. The government has decided to elevate the limit from USD750 to USD1,200.
The Ministry of Finance said that despite efforts by the government to implement the decision, challenges have been encountered in putting the policy into effect. However, collaboration between BML, Maldives Monetary Authority (MMA), and the Ministry of Higher Education is underway to address the challenges, establish the necessary system, and expedite the implementation of the policy.
The finance ministry acknowledges the ongoing work to identify and overcome the difficulties associated with resolving the dollar limit issue. Simultaneously, the Ministry of Higher Education is compiling a comprehensive register of students studying abroad to ensure that they can fully benefit from the service.
In a joint effort, the finance ministry, MMA, and banks are working towards increasing the official reserves of the Maldives and increasing the share of dollars in circulation within the banking system.