Kuwait: Expat Remittances Drop by 13 Percent

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According to the foreign exchange companies, the remittances of foreign workers in Kuwait have dropped by at least 13 percent in the first quarter of 2018, reports Al-Qabas daily.

Sources close to the exchange companies added, the decline has been continuing since 2017. Official figures showed the remittances last year fell by 9 percent from KD 4.56 billion in 2016 to 4.14 billion dinars in 2017.

The sources quoting exchange companies pointed out the monthly transfer rate for expatriates (excluding domestic workers) was on average $626 per person per month, but recently it dropped to about $545.

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The sources explained this means the number of expatriates has not increased but somehow declined.

The sources added the past few years have been characterized by the decline in oil prices, and this has negatively affected several sectors, including the income of expatriates especially after the increase in fuel prices and hike in electricity and water charges, as well as other burdens.

The remittances of about 700,000 foreign workers, mostly in the family and household sectors, do not exceed an average of $300 per month.

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Source Credit: Albawaba


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