Maldives Monetary Authority (MMA) has stated in its annual report that USD 92.4 million was recorded as outward remittances in 2020, up by 24 percent from 2019.
The increase in outward remittance is directly linked to the abolishment of the remittance tax previously imposed by the government.
MMA stated that 80 percent of the money sent via outward remittance was from expatriates. Bangladesh tops the list with 62 percent of total outward remittance heading to the country as the majority of expatriates are from Bangladesh. India comes second with 12 percent of total outward remittance heading to the country.
In contrast, Maldives received USD 2.7 million as inward remittances, this is a sharp decline of 45 percent from 2019.