The government has stated the decision of Bank of Maldives (BML) to increase the monthly foreign transaction limit for debit cards for students abroad will greatly assist students and their respective families. BML announced an increase in the monthly dollar limit for students abroad from USD 750 to USD1,200, effective November 1.
In a statement, the government expressed sincere appreciation for the support of BML, noting that increasing the foreign transaction limit, will significantly assist and reduce the burden on students and their families. It stated that the initiative is the initial step of implementing President Dr. Mohamed Muizzu's decision to increase dollar limits for students. The decision was made by the president on December 24, 2023, following the recommendations of the cabinet.
Furthermore, the government expressed its commitment to support BML and expand its role in facilitating financial transactions more conveniently, the prosperity of residents and national development. It also affirmed to prioritise the economic reform agenda, to lower state-expenses, reduce liabilities and ensure that the benefits of the government's revenue are experienced by residents as well.
Regarding the decision of the national bank to increase the monthly foreign transaction limit, the Chief Executive Officer (CEO) Mohamed Shareef stated that despite the change, the challenges in dollar availability still remain. However, the decision was taken after considering the difficulties students pursuing higher education face. He noted that the initiative reflects the bank's commitment to prioritise and support students overseas.
BML stated that students interested to access the new increased limit are required to register with the bank via its online portal, along with the necessary documents. It further revealed that details on registration will be provided in due course.