Maldives Monetary Authority (MMA) has revealed the total outward remittance in 2018 stands at USD 64.5 million.
The annual report of 2018 published by MMA stated the total outward remittance by foreign nationals accounted for 52 percent, which is a significant decline from the 71 percent reported in 2017. In 2018, the MMA granted a license to an additional company to conduct international remittance using the network of Western Union, while another company ceased its operations.
MMA revealed a continuous decline in outward remittance has been observed since the implementation of the expatriate remittance tax, which came into effect on October 1, 2016, adding however, during 2018, the pace of decline in outward remittance decelerated.
Bangladesh continued to be the top remittance destination, receiving 39 percent of all outward remittances; however, the value declined by 19 percent last year, compared to the previous year, according to the report. MMA further noted India remained the second most popular outward remittance destination, accounting for 15 percent of outward remittances, followed by Sri Lanka with 8 percent, Nepal with 7 percent, and Indonesia and the Philippines with 6 percent each.
Meanwhile, statistics showed inward remittances increased slightly by 3 percent from the previous year, amounting to USD 4.8 million in 2018.