Half of remittance recipients expected no change in the amount of money they receive in the next six months. BasicRead more
Expatriate remittances to Lebanon will continue to fall slightly in 2016, according to economist Ghazi Wazneh.
“Remittances to Lebanon will see a slight drop in 2016 because oil prices are expected to remain low, which will negatively impact the income of Lebanese working in the Gulf, thus curbing their money transfers to the country,” he told The Daily Star.
Wazneh explained that around 65 percent of remittances to Lebanon come from oil-producing countries and this is why low oil prices will continue to have an impact on remittances.Read more
The steep fall in global oil prices has hit Gulf economies severely. Saudi Arabia, United Arab Emirates (UAE), Qatar, Bahrain are expected to run huge budget deficits as shrinking revenues from selling cheaper oil cannot fund their mounting expenditures. As they tighten their belts, the brunt of adjustment will be felt by migrants, who constitute the bulk of the labour force.Read more
Official figures issued as part of the annual report of the World Bank revealed that Kuwait occupied third place among countries in the Gulf and came 7th globally in terms of remittance to different countries worldwide, reports Al-Rai Daily.Read more