The government may not be able to increase the dollar limit by tomorrow as previously planned, Mihaaru News reports, based on information received from a bank official.
Mihaaru news reported on Wednesday that the government will be unable to increase the US Dollar limit available to Maldivian students abroad by Thursday, as the cabinet had previously decided.
The Maldives government announced in December that they would increase the US Dollars available for Maldivian students, currently capped at USD 750 per month to USD 1,200 by February 1, amidst complaints over difficulties with the limited amount.
However, Mihaaru news reported the matter remains undecided. A Bank of Maldives (BML) official with knowledge on the matter said Ministry of Finance and BML were still discussing the matter.
The official said they were discussing the extent to which the dollar will be required with this change, the magnitude of the change, and a mechanism to increase the limit in this manner.
The bank said that they are able to provide dollar support to customers based on the amount the bank receives to buy foreign currency.
The finance ministry did not immediately respond to a request for comment. However, Minister of Finance Mohammad Shafeeq had said last week that the aim was to increase the limit for students on the scheduled date, but it would be determined only after BML’s board makes a decision.
Shafeeq said they have had two meetings with BML to discuss this matter so far.
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