Sources have told Adhadhu that the government cannot raise the monthly dollar withdrawal limit for Maldivian students overseas to USD 1200 starting in February.
The decision was made in December to raise the amount to USD 1,200 from USD 750 with effect on February 1. It was announced by Principal Secretary to the President on Public Policy Abdulla Nazim.
Reliable sources told Adhadhu that the Bank of Maldives (BML) has informed the government that the dollar limit cannot be raised on February 1 as pledged by President Dr. Mohamed Muizzu.
But the national bank has not yet issued an official statement on the matter.
The government earlier said the decision to raise the limit would solve some of the difficulties faced by students overseas in securing dollars.
Adhadhu understands that BML cannot raise the dollar withdrawal limit for overseas students unless the dollar shortage crisis is resolved.
BML's dollar support service was previously provided to all businesses that have accounts at the bank. A limit was not set but the bank provided funds for TTs to date.
However, the bank is now unable to provide funds for TTs due to the dollar shortage, according to some businesses that spoke to Adhadhu.
Economists and top bank officials have been saying for years that the dollar shortage cannot be alleviated without stopping the black market and enacting regulatory changes to ensure dollar deposits at the bank. But the problem has not been resolved to date.
