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Thiruvananthapuram, Oct 20 (IANS) Nearly 7,000 Keralites working in the Maldives are facing financial crisis after the Maldives Monetary Authority (MMA) imposed new restrictions on dollar remittances.
The new limit limits monthly transfers to just US$150, which will significantly impact expatriates earning in Maldivian Rufiyaa (MVR).
Earlier, the remittance limit was US$700, which was later reduced to US$500 and now it has been drastically reduced to US$150 – approximately Rs 13,000.
Many workers say the amount is insufficient to repay loans taken to bring families back home or to secure employment in the archipelago.
“This is going to be a big crisis for people like me,” said a Keralite working in the Maldives.
“We have families to support and loans to repay. With only Rs 13,000 allowed for remittances, our situation is dire.”
The affected workforce includes healthcare professionals – doctors, nurses, paramedics – as well as teachers and tourism sector workers.
Economist Mary George said the country’s monetary authority, the Bank of Maldives, is facing a serious recession.
“Maldives are currently in a financial situation similar to India’s 1990s crisis. Unlike India, which took advantage of its gold reserves, Maldives lacks such options,” he said.
The remittance restrictions have caused widespread concern among the expatriate community, many of whom fear long-term financial instability if the policy continues.
–IANS
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