The availability of dollars had been restricted by the Maldives Monetary Authority

INN/Male, @Infodeaofficial

The ongoing dollar scarcity in the Maldives is making it tough for Indian expatriates employed there to send money home. Dollar availability was restricted by the Maldives Monetary Authority (MMA), which restricted access for those who were paid in Maldivian Rufiyaa (MVR).

Among those most impacted are Indian professionals, such as physicians and educators, whose families back home depend on remittances. The Maldives administration has been requested by the Indian High Commission to relax regulations and enable more seamless financial transactions.

With usable reserves falling to USD 32 million last month—the lowest level in three years—the Maldives is currently experiencing a currency deficit. The archipelago’s significant outstanding debts for 2024–2026 have been linked to forex shortages. The Bank of Maldives reduced dollar limits for local accounts in August of this year due to inconsistent forex regulations and a serious dollar shortage, which caused widespread fear.

Even though the tourism industry brings in millions of dollars, poor management has made matters worse. In October, the MMA responded by enacting a new regulation requiring that any foreign exchange profits associated with tourism be transferred into banks.

In response to a question in the Lok Sabha, the Ministry of External Affairs stated that it has become aware of the limitations on dollar remittances from the Maldives. The ministry also stated that Indian citizens who receive salaries in dollars are not impacted and that it is in talks with MMA to help Indian workers in the Maldives with their remittance procedures.