USD 17.9m recorded as remittance in first quarter of 2021

US dollar bills. (File Photo/Sun)

The Maldives Monetary Authority (MMA) has stated that USD 17.9 million was sent as remittance through companies in the Maldives in the first quarter of 2021. 

The quarterly report published by the central bank MMA shows a 16 percent increase in remittance sent abroad during the first quarter of 2021 when compared with the final quarter of last year. However, a 38 percent reduction was observed in remittance when compared with the same period of last year. 

Around 55 percent of the remittance from the Maldives was to Bangladesh while ten percent was to India. Five percent was sent to Sri Lanka. 

MMA statistics also show that USD 15.7 million entered the country last quarter as inverted remittance. This is an increase of 15 percent when compared with the last quarter. 

The biggest source in to the Maldives was from the UAE, accounting for 25 percent. 11 percent came from the UK while five percent came from Lebanon. 

MMA said that there were currently two companies in the Maldives providing remittance services. The license of one company was terminated in the first quarter according to the MMA.