Remittances to Lebanon to keep sliding: economist

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.

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From Russia with love – Remittances are a good thing, except when they stop

Debt crises, capital flight and corruption are all familiar problems for poor countries trying to finance their development. A bulwark, say some, is remittances: money sent home by migrants, worth $580 billion in 2014. Unlike portfolio flows, which tend to flee at the first sign of trouble, remittances usually increase in tough times.

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