Expats account for 92% of remittances from Maldives in 2024
This represented a 59 per cent increase compared to 2023.
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The Maldives Monetary Authority (MMA) has released its Payment Bulletin 2024, reporting on the conduct of financial transactions in the Maldives and highlighting the scale of remittances by foreign workers.
According to the report, foreign workers accounted for 92 per cent of total remittances last year, amounting to USD 144 million (equivalent to MVR 2.2 billion). This represented a 59 per cent increase compared to 2023.
The MMA attributed the rise in official remittances to joint efforts with the Bangladeshi government to curb smuggling and the use of informal transfer channels. Bangladeshi nationals make up the largest share of foreign workers in the Maldives, and they sent more than USD 112 million abroad in 2024, representing 76.9 per cent of total remittances.
Other significant remittances included:
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Nepal: USD 8.1 million (5.6 per cent)
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Egypt: USD 5.5 million (3.8 per cent)
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Philippines: USD 5 million (3.3 per cent)
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India: USD 2.4 million
The report also noted that 98 per cent of these remittances were transferred through banks.
