Maldives records an outward remittance of MVR 1.16 billion, a 16 percent rise

Maldives Monetary Authority (MMA) records reveal the total outward remittance last year amounted to USD 75.1 million (MVR 1.16 billion).

According to the 2019 annual report released by the central bank on Thursday, the USD 75.1 million in outward remittance last year was a 16 percent increase compared to the previous year.

It also marks the first increase in total outward remittance following the decline from 2016.

Bangladesh, home of the majority of migrant workers in Maldives, was the top remittance destination. The outward remittance to Bangladesh amounted to MVR 486.38 million, which made up for 42 percent of all outward remittance. It is also an increase of 28 percent compared to the previous year.

The second most popular outward remittance destination was Nepal and India, which made up for nine percent of all outward remittance apiece, followed by Philippines which made up for seven percent, and Sri Lanka and Indonesia which made up for five percent apiece.

OUTWARD REMITTANCE:

• Bangladesh: MVT 486.38 million
• Nepal: MVR 104.22 million
• India: MVR 104.22 million
• Philippines: MVR 81.1 million
• Sri Lanka: MVR 57.90 million
• Indonesia: MVR 57.90 million

The central bank noted that despite the overall increase, since the implementation of the expatriate remittance tax in October 2016, outward remittance by foreign nationals continued to decline, with only 42 percent of outward remittances being conducted by foreigners. Prior to implementation of expatriate tax, the figure had been at 90 percent.