Can send home only Rs 13,000! Keralites in Maldives hit hard by new dollar remittance cap

Thiruvananthapuram: Around 7,000 Keralites employed in the Maldives are facing a major financial setback after the Maldives Monetary Authority (MMA) imposed fresh restrictions on dollar remittances.

Under the new rules, expatriates can now transfer only up to USD 150 a month, a sharp cut from the previous cap of USD 500, and well below the earlier limit of USD 700. The reduced ceiling, equivalent to about Rs 13,000, has left thousands struggling to send money home.

“This is going to be a huge crisis for people like me,” said a Keralite employed in the Maldives. “We have families to support and debts to repay. With just Rs 13,000 allowed for remittance, our situation is dire.”

The affected workforce includes professionals from multiple sectors such as healthcare, education, and tourism, including doctors, nurses, paramedics, and teachers.

Economist Mary George said the move reflects the country’s deepening financial distress. “Maldives is currently in a financial situation similar to India’s 1990 crisis. Unlike India, which leveraged its gold reserves, the Maldives lacks such options,” she said.

Observers say the restriction could worsen the financial instability of the expatriate community if the policy continues. IANS