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.
Country | Percentage of Remittance Outflows |
Bangladesh | 54 |
Nepal | 10.6 |
Egypt | 7.9 |
Philippines | 7.1 |
India | 4 |
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.