During the second quarter of 2021, the Maldives Monetary Authority (MMA) recorded USD 14.1 million in outward remittances.
The MMA Quarterly Report shows outward remittances are down 21% from the first quarter of 2021.
According to the report, following the revocation of one license in the first quarter of 2021, two remittance businesses have been active in providing remittance services.
The central bank recorded USD 17.9 million in outward remittances during the first quarter, for a total of USD 31.9 million in outward remittances during the first six months of this year, a 33% decrease from the USD 47.9 million in outward remittances recorded during the first six months of 2020.
Foreigners accounted for 68% of total outward remittances in the second quarter of 2021. Bangladesh was the top outward remittance destination, accounting for 50% of total outward remittances, followed by India (11%), and Egypt (6%).
In the second quarter of 2021, inward remittances received through remittance businesses totaled USD 829,000, a 19% decrease from the first quarter. The United Arab Emirates was the source of most inward remittances, followed by Saudi Arabia and the United Kingdom.
