Maldives Monetary Authority (MMA) has reported that USD 72 million were remitted abroad last year. According to the MMA Payment Bulletin Report, this figure represents a 40% increase from 2022.
The report highlights that 96% of remittance transactions in 2023 resulted in currency being ejected out of the country. Of these transactions, 84% were carried out by foreigners, totalling USD 59 million. In contrast, Maldivians sent USD 11 million abroad, accounting for 16% of the total remittance. Notably, the majority of remittances sent by Maldivians were directed to India, representing 14% of the total.
Among the remittance transactions conducted by foreigners, immigrants from Bangladesh were the largest contributors, accounting for 54.2% of the total. Following Bangladesh, the primary sources of remittance included immigrants from Nepal, contributing to 10.6%, Egypt, contributing to 7.9%, Philippines, contributing to 7.1% and India, contributing to 4%.
MMA has issued licences to three companies in the Maldives, giving them the authority to offer remittance services in the Maldives.