Maldives has remitted USD 29.3 million to Sri Lanka during the first three months of 2023.
According to Sri Lanka's "Economy Next," the Maldives has the “soundest money in South Asia” and the island nation is listed among the top 10 countries that contributed to remittance flow to Sri Lanka during the first quarter of 2023. Maldives was ranked ninth for the highest remitted figure to Sri Lanka in the review quarter.
A significant portion of the Maldives tourism industry workforce is Sri Lankan expatriates, who remit money from the country to Sri Lanka.
In 2022, Maldives remitted USD 557 million to Sri Lanka which is a 12 percent increase compared to the previous year. Maldives remittance continues to increase year on year.
The most substantial remittance contributions to Sri Lanka originate from the Middle East. During the first quarter of 2023, Sri Lanka recorded official remittances of USD 160.5 million from Kuwait, USD 146.2 million from Qatar, and USD 130.3 million from the United Arab Emirates.
The Maldives is the only country in the region through which remittances flow into Sri Lanka. In addition to Sri Lanka, foreign currency from the Maldives flow into India, Bangladesh, and Nepal in the form of remittances.
Additionally, Sri Lankan workers in Saudi Arabia remitted USD 123.1 million dollars in the first three months according to Sri Lankan central bank data.
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