The Bank of Maldives (BML) has announced an increase in the dollar limit for students studying abroad, raising it to USD 1,200. This new limit will take effect from November 1.
Although the government had initially decided to increase the limit last December, the change had not been implemented until now.
BML's CEO Mohamed Shareef acknowledged the ongoing challenges the bank faces in securing US dollars. However, the decision to raise the dollar limit for students was taken as BML prioritizes meeting the needs of students, he said.
BML stated that it is actively exploring solutions to address the dollar shortage and will announce new measures as they are developed.
