BML brings changes to dollar stipend for local students abroad

Bank of Maldives (BML) has brought a change to the dollar stipend for local students studying abroad.

In a notice sent to students, the bank said it sells US dollars to local students abroad and locals traveling abroad for medical purposes in line with guidelines set forth by the Maldives Monetary Authority (MMA).

They informed of an amendment to the aforesaid guidelines, effectively bringing a change to the dollar stipend, or the procedure followed in the sale of US dollars to students.

In this regard, BML said dollars will be sold as stipend for local students in accordance with the stipend rates set forth by the Higher Education Ministry hereon.

Prior to this, BML had been issuing USD 1,000 monthly as stipend. However, the stipend rates set forth by the Higher Education Ministry to some nations are much lower than this. They include nations where a large number of local students reside. The stipend rates and the countries are as follows;

• Bangladesh – USD 400
• India – USD 440
• Malaysia – MYR 1,960 (USD 416)
• Sri Lanka- USD 450

The new changes come shortly at a time Maldives has been facing a US dollar shortage leading to an increase in exchange rate in the black market.

However, the official exchange rate for US dollars remains at MVR 15.42.