A total of US$72 million (approximately MVR 1.1 billion) was sent abroad as remittances from the Maldives last year.
According to the central bank, Maldives Monetary Authority (MMA)’s Payments Bulletin, this is a 40 percent increase compared to 2022.
Out of the total remittances, US$59 million (84 percent) were funds sent by foreign workers, while the remaining 16 percent came from Maldivians sending money abroad.
Bangladesh remained the top destination for remittances, receiving 54 percent of the total amount. Other significant recipients were:
Nepal (10.6 percent)
Egypt (7.9 percent)
Philippines (7.9 percent)
India (4 percent)
The trend follows a similar pattern from 2022, with Bangladesh leading as the largest recipient. Meanwhile, Maldivians primarily sent remittances to India, the Philippines, and Sri Lanka.
Remittances refer to money sent by employees working in a foreign country to their families or home countries.
