Expatriate Remittances Jump To Kd 5.3 Billion

The Central Bank of Kuwait data showed that expat workers’ remittances during 2020 witnessed a steady growth of about 14.5% to reach KD 5.3 billion dinars, compared to transfers of KD 4.62 billion, Al Anba daily reported.

The workers’ remittances witnessed a significant improvement in the third and fourth quarters of last year. Transfers amounted to KD 1.47 billion in the fourth quarter, KD 1.4 billion in the third quarter, KD 1.05 billion in the second quarter, and KD 1.35 billion in the first quarter od 2020.

The increase in the value of the money transferred by the expatriates to their countries comes despite the repercussions of the Corona pandemic, which resulted in the dismissal of thousands of expatriates from their jobs, in addition to tens of thousands whose salaries were reduced.

The reduction of salaries resulted in a reduction of transfers, especially in the first and second quarters of last year, to witness a significant increase after that. At the end of last year, many expatriates sent their families to their country, thus not having to spend a lot of money in Kuwait and transfer the bulk of it to their families. The expatriates did not have any means to benefit from their savings in Kuwait, such as direct investment or buying real estate or others.

The state of partial and comprehensive closure implemented by the country and the closure of restaurants and cafes may be one of the reasons that prevented the increase in spending of expatriates in the country and their resort to increasing their remittances to their countries of origin.

 

SOURCE   :   TIMES KUWAIT

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