The Maldives’ central bank disclosed that USD 108.7 million (MVR 1.6 billion) were transferred out of the Maldives in 2016 via money transfer institutions.
According to the annual report released by Maldives Monetary Authority (MMA) on Monday, the total amount of money transferred out of the Maldives last year is 13 percent less than in 2015. The report also indicates that 83 percent of the sum was remittance by expatriate workers while 17 percent was by locals.
MMA’s report states that the amount of money sent abroad by the local population was maintained monthly while expat remittance had decreased. The report noted that expat remittance had dropped after the government implemented Remittance Tax.
The statistics show that 64 percent of money transfers abroad in 2016 was to Bangladesh.
The amount of money transferred to the Maldives from other countries had also decreased in 2016. According to MMA’s report, only MVR 4.6 million were transferred to the nation from overseas last year, which is a decrease of 13 percent.
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Source URL: Mihaaru-Business