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Thursday , February 25 2021

Expat remittances decline

KUWAIT CITY, Dec 10: The remittances of expatriates to their home countries declined from KD 1.35 billion to KD 1.056 billion (21.96 percent) in the second quarter of this year compared to the first quarter.

In the first half of 2020, the remittances rose from KD 2.15 billion to KD 2.41 billion – 12.13 percent – compared to the same period last year. The preliminary data on the balance of payments for the second quarter released by the Central Bank of Kuwait (CBK) recently showed that the repercussions of the precautionary measures being taken to curb the spread of coronavirus led to a decrease in Kuwaitis’ spending on travel by 93.14 percent in the second quarter.

Kuwaitis spent about KD 81.7 million compared to KD 1.19 billion in the first three months of 2020, while total travel spending during the first half of 2020 was about KD 1.27 billion – down by 56.35 percent compared to the same period last year when travel spending reached KD 2.916 billion.

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