Remittance down 39 percent in 2017

Remittances by foreign expatriates in the Maldives was down 39 percent last year, the country's central bank statistics have shown.

According to Maldives Monetary Authority (MMA) annual figures, a total USD66.8 million was sent abroad through the various remittance companies last year which is down 39 percent in comparison to 2017.

The report showed that the total remittances were dominated by expatriates with 71 percent while Bangladesh topped the list followed by India, Sri Lanka and Nepal.

The government introduced a three percent remittance tax on expatriate workers in 2016.
Under the new law, remuneration of all expatriate workers in the Maldives must be deposited in accounts of banks operated locally.

Employers that violate this rule will be penalised MVR 50,000.