KUWAIT CITY, Sept 4: An increase in the rate of remittances of expatriates was witnessed few days before Eid Al-Adha holidays, such that the rate of increase was 100 percent.
They said the rate of remittances sent in the month of July as well as during the first three weeks of August were less due to summer vacations unlike recently and three months prior to the summer holidays, namely April, May and June.
The sources explained that the reason behind the increased rate of remittances is that expatriates have been sending money to their families to cover the expenses of sacrifice, new clothes and other requirements for celebrating Eid Al-Adha.
In addition, the start of schools has increased expenses for most families due to which expatriates had to send more money to their families. On the other hand, the “black market” did not enjoy a good rate of money transfers due to its inability to compete with the legal market in terms of cost and logistic capability.
According to official information issued by the Central Bank of Kuwait, the profits of money exchange companies in the first six months of 2017 had increased by KD 1 million, thereby achieving a total of KD 7.8 million. This is 15 percent more than the profits recorded during the same period in 2016, which was KD 6.8 million.