Bank of Maldives (BML) has announced changes to the US dollar stipend for local students studying abroad.
In the bank’s notice sent to students, BML said it sells US dollars to local students abroad and those traveling abroad for medical purposes in line with guidelines set forth by Maldives Monetary Authority (MMA).
BML informed of an amendment to the said guidelines, effectively changing the dollar stipend, or the procedure followed in the sale of US dollars to students.
The bank added US dollars will now be sold as stipend for local students according to the rates set forth by the Ministry of Higher Education (MoHE).
Prior to the changes, BML had been issuing USD 1,000 monthly as stipend to students.
However, the stipend rates set forth by the ministry to some countries are lower than this, especially to countries where local students are in higher concentration.
The revised stipend rates
- Bangladesh – USD 400
- India – USD 440
- Malaysia – USD 416
- Sri Lanka – USD 450
The changes come hot in the heels of recent difficulties in currency exchange owing to dollar shortage in the Maldives market. Official exchange rate however, remains unchanged at 1 USD = MVR 15.42.
Moreover, BML has imposed limitations on US dollar withdrawal via ATM to USD 1,600.
Additionally, BML has restricted US dollar transactions made via cash cards as well.
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