Maldives Monetary Authority (MMA) has said it is working to revise the Telegraphic Transfer (TT) limit, to allow larger transactions for students living abroad.
The Maldives central bank also said that it is working with the banks to resolve the dollar constraints faced by students.
"This change will revise the policies under which banks issue US dollars to customers and make the process easier," MMA said in a written response to a question by Mihaaru News.
Earlier, MMA announced discontinuing the transfer of Maldivian Rufiyaa to students enrolled in grades below A-Levels in schools abroad, which became effective on January 1. Following this change, commercial banks will now only be allowed to make international transfers in US Dollars for students in grades below A’ Levels. This decision was met with heavy criticism from the public.
At the ceremony marking the bank's 40th anniversary held last Thursday, President Ibrahim Mohamed Solih had raised this issue and requested that it be resolved.
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