The government has decided to raise the monthly dollar withdrawal limit for Maldivian students overseas.
The decision was made at yesterday's cabinet meeting to raise the amount to USD 1,200 with effect on February 1. It was announced by Principal Secretary to the President on Public Policy Abdulla Nazim.
"The cabinet decided that administrative and technical work related to this will be carried out jointly by the Finance Ministry, Bank of Maldives and MMA [Maldives Monetary Authority]," Nazim informed the press.
At present, Maldivians studying abroad can withdraw USD 750 a month.
The decision to raise the limit would solve some of the difficulties faced by students overseas in securing dollars, the government said.
Raising the limit for students overseas was the first phase, after which it would also be raised for other Maldivians residing overseas or engaged in government-funded studies in other countries, Nazim said.
President Dr. Mohamed Muizzu pledged during the campaign to raise and eventually scrap the dollar limit imposed by local banks on retail customers. Laws related to the financial system would be reformed to bring about the change, he said at the time.
"We will increase the current limit twofold during the first three months. We will keep raising and then remove the limit," he said during the campaign.
As such, President Muizzu pledged to double the limit for retail customers before February 17, 2024. The government did not reveal the timeline for eliminating the limit for the public when the announcement was made to raise the limit for students.
