A total of USD 92.9 million was exported out of the economy as remittance in 2020.
Maldives Monetary Authority (MMA) stated in their quarterly economic bulletin that the remittance business slowed down in the first two quarters of 2020 due to the COVID-19 pandemic.
However, remittance business briefly recovered during the third quarter and slumped again in the fourth quarter of 2020.
More than USD 15 million was exported out of the economy as remittance during the last quarter of 2020, which is 43% lower than the figures reported in the third quarter.
Furthermore, the remittance figures for 2020 are 24% higher than the previous year with the majority of it going to Bangladesh and India.
The booming outward remittance business along with US Dollar trading on black market are considered to be major reasons why the US Dollar circulation in Maldives economy is scarce.