USD 363 mln in expat remittance in 2015, Maldives central bank says

An expat worker pictured at the local market in the capital Male. MIHAARU PHOTO/MOHAMED SHARUHAAN

An expat worker pictured at the local market in the capital Male. MIHAARU PHOTO/MOHAMED SHARUHAAN

Maldives Monetary Authority (MMA) has disclosed that the income remitted out of the Maldives by expatriates last year amounted to USD 363 million (MVR 5.5 billion).

According to MMA’s recently publicised official statistics, USD 363 million had been remitted via money transfer offices, banks and unofficial procedures.

An official of MMA stated that remittance statistics are reviewed under balance of payment accounts.

“These numbers are very accurate. We revise these statistics biannually,” said the official.

The government had included in the state budget for 2016 a three percent remittance tax to be charged starting this month. The estimated remittance fee for this year is MVR 56 million. However, a Bill regarding the tax is yet to be submitted to the parliament.

Maldives Immigration’s statistics indicate that over 100,000 expatriates currently work in the Maldives with an estimated 20,000 undocumented workers.

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