Discussion ongoing to increase dollar limit for students

Bank of Maldives (BML) has said that it has not yet made a decision on raising the dollar limit for students studying abroad, and discussions on this matter are still underway.

BML Head of Public Relations Mohamed Saeed said that the bank is currently in discussions with the Ministry of Finance regarding the potential increase in the limit on dollar transactions with its cards. He added that details, such as the amount of dollars required for the new changes, the magnitude of the change, and the establishment of a system to increase the limit, will be discussed.

"BML will be able to provide dollar assistance to customers based on the amount available to the bank to purchase foreign currency," BML said in a statement.

Saeed said that the amount of dollars withdrawn from the account will not change due to any changes made in the dollar limit for the cards.

Last December, the cabinet decided to increase the limit on BML credit and debit cards for Maldivian students studying abroad, effective from February 1.

The President's Office had previously said that students studying abroad could currently withdraw USD 750 per month. To address this matter, the dollar limit was set to be increased to USD 1,200 per month starting February 1.

Finance Minister Dr. Mohamed Shafeeq said that the target is to increase the limit for students by the stipulated date. However, the decision will be made only after a decision is made from the BML board. The ministry is actively working to address the challenges faced by BML to facilitate this adjustment, he said.

"We had two meetings to discuss this. During the discussions, we identified the challenges faced by BML. We will look into matters that we can resolve," he said.

Minister Dr. Shafeeq said he is working with the Ministry of Higher Education to collect information on students studying abroad.