Outward remittance dips by almost 40 percent
The Maldives Monetary Authority said US$66.8 million dollars was wired as foreign remittance in 2017, with 46 percent of it going to Bangladesh and most of the rest sent to India and Sri Lanka.
02 May 2018, 9:00 AM
Money sent out of the Maldives decreased by 39 percent last year, according to government statistics published Monday.
The Maldives Monetary Authority said US$66.8 million dollars was wired as remittance in 2017, with 46 percent of it going to Bangladesh and most of the rest sent to India and Sri Lanka.
Expat workers accounted for 71 percent of the total outward remittance last year, down from 83 percent in 2016, and monthly figures showed a declining trend for outward remittances by foreigners.
“The continuous decline in outward remittance has been observed since the implementation of the expatriate remittance tax, which came into effect on 1 October 2016,” said the report.
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