Remittance in first half of 2016 at USD 63.7 million

Maldives Monetary Authority (MMA) building in the capital Male. MIHAARU FILE PHOTO/MOHAMED SHARUHAAN

Maldives Monetary Authority (MMA) building in the capital Male. MIHAARU FILE PHOTO/MOHAMED SHARUHAAN

Expatriate workers’ remittance for the first six months of this year amounted to total USD 63.7 million (MVR 982.2 million), show statistics of the Maldives’ central bank.

According to Maldives Monetary Authority (MMA)’s latest Quarterly Economic Bulletin, the highest amount of money remitted abroad via money transfer companies on the first day of this year was to Bangladesh at 69 percent.

MMA’s statistics show that remittance for the first half of this year was USD 200,000 lower than 2015, which had recorded USD 63.9 million in its first six months.

Meanwhile, Maldivians living abroad had transferred USD 2.2 million (MVR 33.9 million) to the Maldives in the first six months, which is USD 200,000 more than last year.

The Maldives government had implemented a remittance tax of three percent on October 1 in an effort to increase revenue to the state.

According to the amendments made to the Employment Act to commence Remittance Tax, the salaries of all expatriate workers in the Maldives must be deposited in accounts of banks operated in the Maldives. Employers that violate this rule will be penalised MVR 50,000.

Banks in the archipelago are currently opening accounts for expatriate workers in accordance with the amendments to the Employment Act. Bank of Maldives Ltd (BML) charges MVR 500 to open an account in Maldivian Rufiyaa or USD 20 to open a Dollar account.

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