Maldives Monetary Authority (MMA) has recorded USD 14.1 million as outward remittances made through remittance businesses during the second quarter of 2021.
The Quarterly Report publicised by MMA shows a 21% decrease in outward remittances when compared to the first quarter of 2021. In the report, MMA stated two remittance businesses were active in providing remittance services since the first quarter of 2021 after one license was revoked in the first quarter.
MMA recorded USD 17.9 million as outward remittances made through remittance businesses during the first quarter, which amounts to a total of USD 31.9 million in outward remittances during the first six months of this year. The amount is a 33% decrease compared to the USD 47.9 million in outward remittances recorded during the first six months of 2020.
In the second quarter of 2021, outward remittances by foreigners amounted to 68% of total outward remittances. Bangladesh remained the most popular outward remittance destination, representing 50% of total outward remittances, followed by India with 11% and Egypt with 6%. Inward remittances received through remittance businesses amounted to USD 829,000 in the second quarter of 2021, which is a decrease of 19% compared with the inward remittance of the first quarter.
Most inward remittances originated from the UAE, followed by Saudi Arabia and the UK.