The Universal Foundation has announced that they will now be paying scholarship stipends for students under their scholarship in MVR.

The memorandum reads that as per applicable foreign currency regulations in Maldives, Universal Foundation's scholarship payments will now be made in MVR as opposed to USD.

The memorandum requested MVR account details from students as scholarship stipends will be paid to Maldivian bank accounts in MVR.

The company said that students can pay their fee to university as per the currency noted in the invoice payments or in USD. However, the university said that if the respective bank that sends the invoice approves TT transactions in MVR, then they will make payments in MVR as per the applicable exchanges rate and as per banking requirements.

The Universal Foundation, under the umbrella of the biggest tourism companies in Maldives, decided to make this change in order to comply with the prevailing regulatory requirements.

They requested an email be sent to them if any additional information is required.

The Parliament passed the amendment to the Foreign Currency Act on Wednesday where 40 percent of the revenue generated in foreign currency by resorts and guesthouses is to be exchanged at banks every month, with President Dr. Mohamed Muizzu ratifying the bill yesterday.

The bill where businesses that generate revenue in foreign currencies have to exchange their earning that will see their category raised was submitted on behalf of the government by Holhudhoo Constituency MP Abdul Sattar Mohamed, with Funadhoo Constituency MP Mohamed Mamdhooh submitting an amendment that makes it mandatory for Category "A" businesses (resorts) to exchange 40 percent of their total revenue at banks.

As per the bill, the stated businesses will have to exchange 40 percent of their total revenue at banks from 1st September onwards.