Maldives Monetary Authority (MMA) has strengthened the procedures for issuing dollars via telegraphic transfers (TT) to Maldivian students studying abroad.
Due to the change, the Bank of Maldives (BML) placed limits on TTs for students abroad on January 1. As such, the bank stated that dollars will now be issued for tuition fees and living allowances to full-time tertiary students studying above A'Level, and students studying aviation, law, and medicine.
MMA stated that it is continuing to issue dollars to students abroad via banks, which have the authority to issue dollars themselves.
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