MMA plans changes to $1,000 medical dollar scheme amid concerns over misuse

The Maldives Monetary Authority (MMA) is preparing changes to the USD 1,000 foreign currency allocation scheme for Maldivians travelling overseas for medical treatment outside Aasandha, following concerns that some individuals are misusing the facility.

MMA Governor Ahmed Munawwar said the changes are expected to be introduced in January 2027, with measures being developed to strengthen monitoring and prevent the allocation from being used for purposes other than medical treatment.

Munawwar made the remarks at a meeting of Parliament's Budget Committee on Tuesday, responding to questions from Feydhoo North MP Ismail Nizar of the ruling People's National Congress (PNC).

During the meeting, Nizar raised concerns that the availability of dollars for medical travel had resulted in people obtaining the allocation without a genuine need for treatment.

He suggested replacing the current cash-based arrangement with a card system to prevent misuse.

Responding to the proposal, Munawwar acknowledged that some individuals were taking advantage of the scheme.

He said the authorities had already restricted access to the medical dollar allocation to six countries as part of efforts to address misuse.

"We are still holding discussions and working with NSPA and the Aasandha system to strengthen monitoring. God willing, changes to the medical dollar allocation arrangements will be introduced in January next year," Munawwar said.

The Governor said the proposed measures would allow authorities to monitor the use of the foreign currency allocation more effectively.

However, he did not disclose the details of the planned changes or confirm whether the existing cash-based system would be replaced with a card, as suggested by Nizar.

Munawwar said the current requirements made it relatively easy for individuals to obtain the allocation.

"Sometimes, people travel to India or Sri Lanka after simply arranging a medical appointment," he said.

The Governor explained that the scheme had been introduced to assist as many Maldivians as possible who needed to travel overseas for medical treatment.

"However, because of certain improper practices, we now have to introduce changes," he said.

Munawwar also told the committee that approximately USD 108 million had been sold for education and medical purposes under the relevant foreign currency arrangements.

The medical dollar facility was introduced through Bank of Maldives (BML) in August 2025, allowing Maldivians travelling abroad for medical treatment at their own expense, outside the Aasandha scheme, to purchase up to USD 1,000 at an exchange rate of MVR 15.42 per dollar.

According to figures released by the MMA in October, a total of USD 41.1 million was sold for medical purposes during the first nine months of 2026.

Of this amount, USD 29.2 million was allocated to individuals travelling overseas for medical treatment at their own expense.

The proposed changes follow an earlier decision to limit access to the medical dollar facility to countries commonly visited by Maldivians for treatment.