MMA reports fall in remittance sent from Maldives

Maldives Monetary Authority (MMA). (File Photo)

Maldives Monetary Authority reports that the amount of money sent abroad through remittance services has decreased compared to the previous year.

Yearly report of MMA released last Tuesday shows that USD 64.5 million was sent out of the country through remittance services in the year 2018.

This is a three percent decrease compared to the year 2017.

MMA’s report shows that 72 percent of Maldivian income was sent abroad as remittance money in the year 2017, while the percentage was decreased to 52 percent of Maldivian income in 2018.

Statistics shows that Bangladesh received the highest amount of money that was remitted from Maldives in 2018. Thirty-nine percent of remittance money was sent to Bangladesh – the most number of foreign workers in Maldives are from Bangladesh. 

India was the country to receive the second highest amount of remittance money, with Sri-Lanka in third. Nepal was fourth in the list, with Indonesia and Philippines coming behind.

With the introduction of Remittance Tax in 2016, the amount of money sent abroad as remittance have been decreasing.

Three percent of the amount sent abroad are taken as remittance tax.