Statistics have shown that around USD 92.9 million was sent abroad from the Maldives as Remittance fees.
The Economic Bulletin of the Maldives Monetary Authority (MMA) for the fourth quarter of 2020, showed that Remittance businesses suffered setbacks as a result of COVID-19.
The cashflow out of the country in the third quarter was high, however, compared with the third quarter, the figures were significantly lower, according to the bulletin.
A 43 percent reduction was observed in terms of Remittance in the fourth quarter when compared with the third quarter of 2020. Statistics showed that USD 15.4 million flowed out of the country in the fourth quarter.
When compared annually, a 24 percent increase of around USD 17.7 million was observed in 2020, with 44 percent of the total directed towards Bangladesh and 19 percent directed towards India.
A mere USD 12.8 million flowed into the Maldives as Remittance in 2020 with the highest percentage (18 percent) flowing in from the United Arab Emirates, according to the central bank.