Maldives Monetary Authority (MMA) has revealed in its annual report that USD 92.4 million was recorded as outward remittance in 2020, up by 24 percent from 2019.
According to MMA, 80 percent of outward remittance was sent by expatriates. 62 percent of total outward remittance was sent to Bangladesh, as the majority of expatriates are Bangladeshi. India was second on the list with 12 percent of total outward remittance sent there.
The rise in outward remittance can be attributed to the scrapping of the remittance tax imposed by the previous administration.
Contrastingly, Maldives recorded USD 2.7 million as inward remittances in 2020. This is a steep decline of 45 percent compared to the year 2019.