Over US$ 49 million were sent abroad last year from the Maldives as remittances.
According to the payments bulletin released by the central bank, Maldives Monetary Authority (MMA), locals sent $12.7 million abroad last year through banks and remittance service providers, while foreigners sent $36.3 million abroad.
India was the primary recipient of these remittances, accounting for 18.1% of the total. The Philippines and Thailand followed as the next destinations for remittances from Maldivian nationals.
Foreigners sent the most significant amount of remittances to Bangladesh, accounting for 47.1% of the total. Nepal and the Philippines were the next largest beneficiaries of remittances from foreign residents.
Inward remittances, or foreign remittances, amounted to $2.3 million last year, according to the MMA.
