MMA restricts dollar sales for overseas medical treatment to 6 countries

The Maldives Monetary Authority (MMA) has decided to restrict the sale of US dollars by banks for self-funded overseas medical treatment to six countries, while maintaining the existing foreign currency allocation for patients travelling under the Aasandha health insurance scheme.

In a statement issued on Tuesday, the central bank said the USD 1,000 allocation available to Maldivians travelling abroad for medical treatment at their own expense would be limited to destinations commonly used by Maldivian patients.

The six eligible countries are India, Sri Lanka, Thailand, Malaysia, Singapore and the United Arab Emirates (UAE).

The MMA said the decision was intended to ensure that foreign currency provided for medical purposes is used directly for treatment-related expenses.

However, the authority confirmed that the USD 2,000 foreign currency allocation available to patients travelling under Aasandha would remain unchanged.

The revised arrangements follow an increase in foreign currency sales for overseas medical treatment since banks began providing USD 1,000 to self-funded patients in August 2025.

According to MMA statistics, banks sold USD 41.1 million for medical purposes by the end of September 2026, three times the amount recorded during the corresponding period last year.

The central bank said a substantial proportion of the foreign currency sold for medical purposes was purchased by Maldivians travelling abroad for treatment at their own expense.

Of the total amount sold for medical treatment by the end of September, USD 29.2 million was allocated to self-funded patients.

The MMA said foreign currency sales for medical purposes had increased considerably since the introduction of the USD 1,000 allocation in August last year.

Under the revised policy, Maldivians travelling for self-funded treatment outside the six designated countries will no longer qualify for the USD 1,000 allocation through banks.

The USD 2,000 allocation for patients receiving treatment under Aasandha will continue without changes, the central bank said.