Sri Lankan expats in Maldives opt Undiyal over banks’ dollar limits

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Sri Lankan workers in the Maldives rely on Undiyal, a popular application among Sri Lankans to exchange currencies, to send remittance back home since banks have limited dollar sales to customers amid forex shortages, a legislator told State Minister for Finance Shehan Semasinghe, seeking the minister’s intervention.

The report on Economy Next states that the data from Maldives Monetary Authority (MMA) showed domestic assets rising over the past several months, which has resulted in reserve losses with liquidity pushing up dollar demand.

“There are many Sri Lankans working in high jobs in the Maldives,” said ruling Sri Lankan ruling party legislator Weerasumana Weerasinghe.

“They are paid in Maldives rufiyaa, which are deposited in banks there. Two of our banks, Commercial and Bank of Ceylon is there. There are people getting 1,000 to 3,000 dollars a month there, but they can send only 250 dollars or 300 back.

“Commercial Bank gives 300 and Bank of Ceylon only 250 dollars according to the limits they have set. So they have to send through Undiyal. So I am directing your attention to this matter.

Bank of Ceylon is a state bank, commercial bank is also one thar is under some regulation, so I am asking for your intervention to help send these remittances here.”

While Maldives has the least activist monetary authority in South Asia, and does not usually target a policy rate.

 

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