Maldives Monetary Authority (MMA) has recorded USD 17.9 million as outward remittances made through remittance businesses during the first quarter of 2021.
The Quarterly Report publicised by MMA shows a 16% increase in outward remittances when compared to the fourth quarter of 2020, but a 38% decline from the first quarter of 2020. In the report, MMA stated two remittance businesses are currently active in providing remittance services, after one license was revoked in the first quarter of 2021. Remittance businesses had faced challenges in providing services due to COVID-19, however, the companies showed improved performance in the first quarter compared to the previous quarter, stated MMA.
In the first quarter of 2021, outward remittances by foreigners amounted to 70% of total outward remittances, which is a slight decrease from the 79% noted in the first quarter of last year. Most outward remittances in the first quarter were made for family maintenance and savings. Bangladesh remained the most popular outward remittance destination, representing 55% of total outward remittances, followed by India with 10% and Sri Lanka with 5%.
Inward remittances received through remittance businesses amounted to USD 1 million in the first quarter of 2021, an increase of 15% compared with the inward remittance of the first quarter of 2020. Most inward remittances originated from the United Arab Emirates (UAE), representing 25% of total inward remittances, followed by United Kingdom (UK) representing 11% and Lebanon representing 5%.