Sunday 21st Apr 2024
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Bank of Maldives

Ministry of Finance in talks with BML to Increase Dollar Limit for Students

The Finance Ministry has decided to further discuss the implementation of the new dollar limit policy in respect of the government’s request as the Bank of Maldives (BML) is having difficulties in implementing the government's decision to further increase the limit on the use of bank-issued cards.
After discussions in the Cabinet, the President decided to increase the amount of dollars available to students abroad to $1,200 per month. However, the bank noted that it is having difficulties in increasing the amount due to the lack of dollar reserves.
The Finance Ministry said in a statement today that it is in discussions with BML, the Maldives Monetary Authority (MMA) and the Ministry of Higher Education to formulate a system to implement the policy announced by the President.
The Ministry of Finance said in a statement that it is working to identify the current demand for dollars in Maldives and the obstacles to implementing the policy.
In addition, a register of students studying abroad is being compiled through the Ministry of Higher Education to ensure that students benefit from the increase in the card limit, the ministry said.
The ministry, the MMA and banks are working together to increase the amount of dollars issued by the banking system along with increasing the official reserves of the state.
Speaking to Dhiyares, the Finance Minister said the government would not do anything to hinder the operation of state-owned companies.