BML Reduces USD Allocation for Maldivian Students Abroad

In an email sent to overseas students on Wednesday, BML revealed that it will no longer sell a flat rate of USD 1,000 per student for living expenses. Instead, the amount will now align with the stipend set by the Higher Education Ministry, effective Sunday.

This adjustment means students in many countries will receive substantially less than the previously allocated USD 1,000. The Higher Education Ministry’s stipend rates vary by country and typically are:

• Malaysia: USD 416
• India: USD 440
• Sri Lanka: USD 450

BML confirmed to Atoll Times the authenticity of the email. The bank has reported selling USD 333 million more than it has received from customers and the Maldives Monetary Authority (MMA). BML stated that continuing to sell dollars they do not possess is unsustainable.

BML CEO Karl Stumke recently indicated that the bank might need to make tough decisions to mitigate financial risks until the dollar supply improves.

Despite the changes in living expense allocations, BML has maintained its support for students by continuing to provide dollar assistance for university tuition and course fees through telegraphic transfers (TT).

The adjustment comes amid a rise in the black market value of the dollar to MVR 18, coinciding with the off-season for tourism, school holidays, and the Hajj season.