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ECONOMYNEXT – Sri Lanka has requested Maldives to revisit the limit imposed in foreign remittances sent by the island nation’s migrant workers in a move to ease the restriction and increase the inflow into the country.
The Bank of Maldives (BML) has announced a new limit for foreign transactions which has been between $250-$300 monthly to prevent large dollar outflow from the country with an aim to prevent a forex shortage.
A large number of Sri Lankans work in the Maldives in high executive jobs in the hospitality sector in other categories including and labourers and housemaids. Some of them earn around $3,000 worth salary monthly, paid in Maldivian rufiyaa.
“I also requested the Maldives side to consider to revisit the current limit imposed on outward foreign currency remittances for the benefit of Sri Lankan migrant workers in Maldives,” Sri Lanka’s Foreign Minister Ali Sabry told a joint media briefing with Maldives Foreign Minister, following a bilateral meeting.
The Maldives Foreign Minister Moosa Zameer is in Sri Lanka on an official visit.
Sri Lankan workers in the Maldives have been sending their remittances via informal Undiyal method without channeling through official banking network.
Maldives has a strong Sri Lankan expatriate community mainly working in hospitality and education sectors.
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Sri Lanka workers in Maldives turn to Undiyal as banks limit dollars: legislator
Maldives has the soundest money in South Asia, through a partially credible peg, without activist inflationism (macro-economic policy) to push growth and trigger currency collapses forcing people to flee to other countries. (Colombo/June 05/2024)
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