Maldives Monetary Authority has revealed that the country has recorded USD 17.9 million in remittance sent abroad within the first quarter of this year.
According to the Quarterly Economic Bulletin published by the MMA for the first quarter of 2021, this is an increase of 16 percent compared to the last quarter of the previous year. However, compared to the first quarter of 2020, this is a decrease of 38 percent.
The report also reveals that 55 percent of the remittance sent abroad by the Maldives within the last quarter was sent to Bangladesh while 10 percent was sent to India, and 5 percent to Sri Lanka.
The report further divulges that the Maldives received USD 15.7 million in reverse remittance within the first quarter of this year, which is an increase of 15 percent when compared to the last quarter of 2020. The biggest source of inward remittance to the Maldives was UAE which accounted for 15 percent, while 11 percent came from England and 5 percent from Lebanon.