Controls on expat remittances eyed

This news has been read 8361 times!

KUWAIT CITY, Oct 7: Governmental authorities are studying the possibility of issuing a decision to instruct moneyexchange bureaus in the country to prevent expatriates from remitting more than their monthly salary in one month, reports Al-Qabas daily quoting informed sources. They explained, “For example, if an expatriate’s monthly salary is KD 600, he will not be able to remit more than KD 600 to his country in one month”.

The sources clarified that the expatriates remit about 6.9 percent of the country’s total revenues, which however has a direct impact on the country’s economy. Moreover, it has been observed that the remittances have been increasing lately.

Meanwhile, official statistics indicate that 32 percent of expatriates working in the private sector do not hold high school certificate. About 13 percent of expatriates in Kuwait are holders of high-school certificate.

About 7.14 percent of expatriates have university degrees or higher and 60 percent of this category, which is about 750,000 expatriates, are Asians, most of who receive monthly salary of KD 200 or lesser per month, while 35 percent of this category are Arab nationals.

This news has been read 8361 times!