The Maldives Monetary Authority (MMA) claimed it was working to revise the Telegraphic Transfer (TT) limit.
The central bank said it is working with local banks to resolve the dollar constraints and allow larger transactions for students living abroad.
“This change will revise the policies under which banks issue US dollars to customers and make the process easier,” MMA said.
Earlier, the Maldives central bank announced discontinuing the transfer of Maldivian Rufiyaa to students enrolled below A-Level standard abroad, which became effective on 01st January. With this change commercial banks are now only allowed to make international transfers in US Dollars for students in grades below A-Level; a decision that was unwelcome among the public.
Meanwhile, during the ceremony held to mark the Bank of Maldives’ 40th anniversary, Maldives President Ibrahim Mohamed Solih raised the issue and requested immediate resolution.