Universal Foundation has decided to disburse stipend payments to students studying under its scholarship programme in Maldivian rufiyaa instead of US dollars.

In a memo sent to students yesterday, the company stated that in line with the foreign currency regulations currently being implemented in the Maldives, scholarship payments have been converted from dollars to Maldivian rufiyaa. Accordingly, since stipend payments will be deposited into students’ rufiyaa accounts, students have been asked to share the details of those accounts.

The company also stated that university fees may be paid in the currency stated on the invoice or in dollars. However, if the bank issuing the invoice permits telegraphic transfers (TT) in rufiyaa, the foundation will make payments in Maldivian rufiyaa based on the applicable exchange rate.

One of the largest companies in the Maldives tourism sector decided to make this change following President Dr. Mohamed Muizzu’s ratification today of an amendment to the Foreign Currency Act, which requires businesses earning income in foreign currency to exchange 40 percent of that income into local currency through Maldivian banks each month.