Remittances amounting to US$72 million (approximately MVR 1.1 billion) were sent overseas in 2023, the Maldives Monetary Authority (MMA) confirmed in its annual Payments Bulletin. This is a 40 percent rise compared to 2022, the central bank said.

The Bulletin provides an overview of the Maldivian Payments Landscape, with data-based indicators of payments infrastructure and the trends in usage of various payment methods.

Around 84 percent of last year’s remittances, amounting to US$59 million, were from expatriates, with the remaining 16 percent by Maldivians.

Bangladesh, in a repeat of 2022, was the largest beneficiary destination with 54 percent of remittances going to the nation.

CountryPercentage of Remittance Outflows
Bangladesh54
Nepal10.6
Egypt7.9
Philippines7.1
India4
Breakdown of Remittance Beneficiary Countries by Percentage | Data from MMA’s annual Payments Bulletin

The remittance outflows by Maldivians were mostly to India, the Philippines, and Sri Lanka.

Remittances are usually non-commercial transfers of money by expatriate workers or citizens to support the household income of their families living abroad.