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Saturday, Oct 01, 2022

Expats send home KD 50.75 billion over 10 years

Expats send home KD 50.75 billion over 10 years

The total expatriates’ remittances from Kuwait during the past ten years was about 50.75 billion dinars and from 2011 until the end of 2021 the figures fluctuated as in 2011 the remittances were at their lowest (3.54 billion dinars) and during 2021 was the highest at about 5.52 billion dinars, reports Al-Anba daily. According to the official data, the past 11 years witnessed noticeable and varied changes in the remittances of expatriates, as they rose and fell due to crises of different ways and sizes.
In 2011, which witnessed hot political events in many countries, the value of remittances from Kuwait reached about 3.54 billion dinars, and rose by 21%, by more than 700 million dinars, to 4.28 billion dinars in 2012. In 2016, the remittances of expatriates from Kuwait recorded about 4.56 billion dinars, and these remittances declined by about 9% in the immediate following year, equivalent to 421 million dinars, and the value of remittances from expatriates in 2017 became about 4.14 billion dinars.

To the contrary, the Corona period (2020/2021) witnessed an increasing growth in the volume of remittances compared to the year before the start of the pandemic — a record of 5.29 billion dinars, compared to 4.46 billion dinars in 2019.

Although 2021 also witnessed some precautionary measures, the volume of remittances continued to rise again to set a new record, as it increased by 23.7%, exceeding one billion dinars, compared to the volume of remittances immediately before the start of the pandemic. In a related context, the exchange companies sector is closely linked with the remittances of expatriates, as the sector companies are the main outlet for these remittances.
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