If you have a dollar account with Bank Of Maldives and have more than US$ 100, then go to the bank with a cheque above US$100 and try to encash it. You will not be able to withdraw your money in US$ even though you have deposited hard earned cash to your bank account. They will offer you to pay by Maldivian Rufiyaa instead or you have to encash US$100 per day. The higher limit to withdraw US$ in cash is set to US$100 per day even if you have money in your Dollar account with Bank of Maldives.

There is an acute shortage of US$ in Maldives, but the Government claims that this will be sorted out in next 2 months time or even if needed the Rufiyaa will be devalued.

A country which depends on imports for most of the products needed for daily use needs to have sufficient foreign currency for making foreign remittance, but due to the bad economic situation Maldives is facing a tough time. There are about 75,000 expatriates working in Maldives and they are facing tough time sending money home. Western Union in Maldives is now open (Western Union Maldives was closed for more than 2 months due to shortage of US Dollars), but they are now accepting only US Dollars for sending money, same is the case with Xpress Money. How will the expatriates who are paid in local currency send money to their family? There should be a solution coming soon for this serious concern.

If you are an expatriate working in Maldives , make sure that you send your earnings to your home country bank as you as you receive your salary, don’t be lazy, there are chances that Rufiyaa may be devalued which can cause heavy loss for you.

A video of Bank of Mauritius in Male’, the Capital of Maldives. The Branch is only on the Ground Floor. This Building is owned by the Universal Group.

This is the Branch of Mauritius Commercial Bank in Maldives. This is located on the Orchid Magu. This is the 78th branch of MCB and the 5th foreign bank in Maldives. Bank of Maldives is the only local bank and the other foreign banks includes, State Bank of India, Habib Bank, Bank of Ceylon, HSBC.