Thousands of Keralites working in the Maldives are now grappling with a sudden financial crunch. The move comes after the Maldives Monetary Authority (MMA) tightened rules on dollar remittances, cutting the monthly transfer limit to just 150 USD (about ₹13,000) for every worker.
Previously, the cap was 700 USD. Authorities stepped it down to 500 USD before this latest drop. The new limit is far below what most expatriates need to send home for daily expenses, school fees, or to pay back loans taken to secure jobs in the island nation.
“Living in the Maldives, we earn in Maldivian Rufiyaa, but our families pay back in Indian Rupees. This 150 USD cap leaves us with barely enough to keep the lights on,” said a doctor from Kerala who is currently abroad. “We have kids at home and debts that can’t wait. The new rule is a real crisis for us.”
The affected community includes doctors, nurses, paramedics, teachers, and workers in the tourism sector — the backbone of the Maldives’ economy. Many of them had already been receiving more money before the MMA’s decision, and now they feel squeezed.
Economist Mary George weighed in on the situation. “The Bank of Maldives is in a rough spot, akin to what India faced back in 1990, but unlike India, the Maldives has no gold reserves to draw from,” she said. “The remittance limits are a sign of deeper financial stress.”
The policy shift has sparked worry among expatriates who fear a long‑term hit to their financial stability. Several workers have spoken up on social media and in local forums, urging the MMA to reconsider or at least ease the restrictions.
As the Maldives grapples with a sudden downturn, the ripple effect may reach far beyond the islands. Home‑country families of the Keralite workers are watching closely while the Bank of Maldives continues to navigate a precarious economic landscape.
Source: ianslive
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