Cabinet will impose a limit on the amount of money that can be remitted by expatriate workers in the Maldives, in an attempt to increase the dollars circulating in the economy.
The government said the decision, reported in the government gazette and published in Haveeru, was intended to reduce the amount of money send overseas by those working in the country illegally. Previous estimates have put the number of illegal workers at up to half the total expatriate population of the Maldives.
Those that exceed the limit, and organisations providing the transfer facility, would face a fine.
Most banks already place a limit on the amount of rufiya that can be transacted into dollars and transferred out of the country.
Haveeru meanwhile reported that a blackmarket for dollars had resurfaced with prices reaching Rf16.5, as banks were still unable to meet demand for dollars. The highest amount permitted under the government’s band is Rf15.42 to the dollar.
“It’s difficult to buy dollars, even if you’re willing to pay Rf17 for it. Banks don’t issue dollars either,” a local businessman told Haveeru.