Government Raises Monthly Withdrawal Limit for Maldivian Students Pursuing Education Overseas

The Maldivian government has officially modified the monthly withdrawal limit for students studying abroad, addressing concerns raised during a press conference at the President’s Office by Abdulla Nazim Ibrahim, Principal Secretary to the President on Public Policy. Effective February 1, students can now withdraw USD 1,200 monthly using their Bank of Maldives (BML) credit and debit cards.

Nazim highlighted the challenges faced by students abroad, who were previously restricted to a monthly withdrawal cap of USD 750. Following discussions within the cabinet, it was decided to increase the limit to USD 1,200 per month, aiming to better support students. This adjustment aims to address the financial constraints faced by Maldivian students pursuing education overseas.

The decision is part of BML’s ongoing revisions to transaction limits, initiated in response to the Covid-19 pandemic. Notably, the most recent change in 2021 set the limit for online transactions using credit cards at USD 750, while debit cards maintained a monthly limit of USD 250 for foreign transactions.

The increase in the transaction limit fulfills a presidential pledge made by President Dr. Mohamed Muizzu. The government’s proactive step is geared towards easing the financial burden on Maldivian students studying abroad.

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