The Government has announced that locals studying abroad can now withdraw up to USD 1,200 from their BML cards every month.
The decision was announced at a press conference held at the President's Office today by the Principle Secretary to the President on Public Policy Abdullah Nazim Ibrahim.
He said that the decision to increase the withdrawal limit was made at the cabinet meeting held yesterday after deliberations on the proposal made by the Finance Ministry.
Nazim said that the limit on credit and debit cards meant that local students residing oversee face numerous difficulties and that the cabinet deliberated on how to resolve these difficulties.
He said that currently each student abroad can only withdrawal up to USD 750 every month and that starting February 2024 students can withdraw up to USD 1,200 each month via their bank cards.
Nazim said that the relevant authorities have already begun the administrative work to implement the decision and the Finance Ministry as well as the Central bank MMA would play key roles in the implementation.
He added that President Dr, Mohamed Muizzu fully backed the cabinet's decision to increase the cash withdrawal limit.
