Bank of Maldives Increases Foreign Transaction Limit for Students Abroad
NewsAhmed Shurau
n a significant policy shift, the Bank of Maldives (BML) has increased the monthly foreign transaction limit for Maldivian students abroad from USD 750 to USD 1,200, effective from November 1, 2024.
This announcement fulfills a key presidential vow made by President Dr. Mohamed Muizzu, aimed at supporting students' financial needs while they pursue their education overseas.
Commenting on the decision, BML CEO Mohamed Shareef stated, “While there continues to be challenges with USD availability, we also recognize the difficulties faced by students abroad. Today’s announcement reflects our commitment to prioritize and support their everyday financial needs while overseas.”
Students will need to register with the Bank through an online portal to access the increased limit, submitting necessary supporting documents as part of the process. Detailed instructions on registration will be provided by the Bank in due course.
BML affirmed its continued assessment of the USD situation and promised to keep customers informed of any future changes. This increase marks a vital step toward easing the financial burden on students, aligning with President Muizzu's commitment to enhance support for Maldivians studying abroad.