Expatriate workers sent USD 143 million abroad in 2024, up 59 percent

Expatriate workers in Maldives remitted more than USD 143 million abroad last year, a 59 percent increase compared to 2023, according to figures from the Maldives Monetary Authority (MMA).

The central bank’s annual payments bulletin showed 1.2 million remittance transactions were processed in 2024 through banks and three licensed payment service providers.

Overall, USD 13.2 billion in payment transactions were recorded, of which USD 5.8 billion, or 13 percent were inward remittances and USD 7.4 billion, or 87 percent were sent abroad.

Of the total sent abroad, foreign workers accounted for USD 143.5 million, while combined remittances from both foreigners and Maldivians rose 8 percent to USD 11.9 million.

Bangladeshi workers were the largest group of remitters, sending USD 112 million, or 72 percent of the total followed by Nepalis at 5 percent.

The increase was attributed to efforts by Maldivian and Bangladeshi authorities to clamp down on informal money transfer channels often linked to laundering.

MMA said 98 percent of remittance transactions were conducted through Maldivian banks.