The Maldives Monetary Authority (MMA) has revised the policy for issuing USD 1,000 via banks to Maldivians travelling abroad for private medical treatment, restricting the allowance to six selected countries.
According to the central bank, the change was implemented to ensure that foreign currency issued for medical purposes is utilised strictly for its intended objective.
Under the new regulations, the USD 1,000 allowance will only be available to Maldivians travelling for self-funded medical treatment to India, Sri Lanka, Thailand, Malaysia, Singapore, and the United Arab Emirates. These nations represent the most common destinations for Maldivians seeking healthcare abroad.
However, the MMA confirmed that the existing policy for patients travelling under the state-funded Aasandha scheme remains unchanged, with the USD 2,000 allowance continuing as per current procedures.
MMA statistics indicate a surge in the volume of foreign currency issued for medical purposes since the USD 1,000 allowance for private travellers was introduced in August last year.
During the first nine months of this year, a total of USD 41.1 million was sold for medical needs. This figure represents a threefold increase compared to the same period in the previous year.
A substantial portion of this total is attributed to currency sold to individuals travelling for private medical care. Data show that by the end of September this year, USD 29.2 million had been issued specifically to Maldivians travelling abroad for self-funded treatment.
The MMA stated that the decision to limit the eligible countries aims to minimise volatility in the foreign exchange market and ensure that currency is allocated toward the most essential needs.
The issuance of dollars for private medical travel will continue to be facilitated through commercial banks, which remain responsible for verifying the authenticity of medical documentation.
