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Bank of Ceylon has stopped allowing customers to send remittances in Maldivian Rufiyaa to be converted into US Dollars, citing the ongoing dollar shortage across the country.
News Desk
Bank of Ceylon building in Male' - Photo: PSM File
MALÉ: Bank of Ceylon (BOC) has suspended converting Maldivian Rufiyaa into US Dollars for its Smart Remit service due to acute dollar availability constraints in the Maldives.
In a direct notice sent to customers, the bank announced that the change took effect yesterday. Under the updated policy, clients can no longer transfer funds abroad using Maldivian Rufiyaa for conversion into dollars through the remittance platform.
Previously, customers were permitted to deposit Rufiyaa for overseas transactions, which BOC converted into US Dollars before transfer. Moving forward, the Smart Remit service will strictly process transactions initiated directly in US Dollars, accessible to clients who receive salary deposits or allowances in foreign currency.
BOC did not provide a timeline or specify conditions for when the standard conversion service might resume.
Contextual factors and ongoing economic challenges surrounding national dollar availability include:
Ongoing Foreign Exchange Pressures: Despite recent legal amendments introduced by authorities to regulate foreign currency, access to dollars at official exchange rates remains severely restricted.
Impact On Online Services: Maldivian consumers and businesses continue to face disruptions when attempting international online payments and foreign subscription transfers.
Remittance Restrictions: Banks operating in the country continue adjusting transaction limits and service availability to conserve available dollar reserves.
