Maldives’ expatriate workers remitted nearly USD 144 million back to their home countries last year, making a 59 percent increase from the previous year.
According to the 2024 payment bulletin released by the Maldives Monetary Authority (MMA), outward remittance transactions amounting to over USD 155.5 million were conducted last year, marking a sharp 121 percent surge between 2023 and 2024.
Foreigners accounted for 92 percent of outward money remittances by value, totaling USD 143.5 million. It marks a 59 percent increase compared to 2023. The remaining 8 percent of outward remittances were processed by Maldivians, equating to USD 11.9 million, growing by 8 percent compared to previous year.
Between 2023 and 2024, the top five destinations for outward remittances remained consistent, with Bangladesh leading as the primary recipient, accounting for over USD 112 million, equivalent to 72 percent of total outward remittance transactions.
Top destinations for outward remittance:
Bangladesh: 72 percent
Nepal: 5 percent
Philippines: 4 percent
Egypt: 4 percent
India: 2 percent
The pattern reflects the high number of Bangladeshi workers in the Maldives.