Sunday , October 22 2017

Remittances by expats in last two weeks touches KD 50 mln – ‘400,000 transactions’

KUWAIT CITY, June 7: There has been a noticeable increase in the remittances of expatriates in the last two weeks, with the total remitted amount reaching KD 50 million.

They revealed that the total number of transactions in this regard was about 400,000. The sources explained that there are four reasons behind the increase in the rate of money transfers. The first reason is the start of holiday season for most of the expatriates.

They transfer the money they would require to spend in their home countries as well as the money they would invest there. The second reason is the month of Ramadan, which necessitates extra expenditure.

The third reason is that expatriates usually receive their salaries during this period, which enable them to meet all their needs.

The fourth reason is that most Muslims are particularly interested in paying Zakat during the month of Ramadan.

The Zakat is transferred in small amounts not exceeding KD 100. The sources said they are expecting the coming phase to witness more of money transfers and relevant transactions especially with the advent of Eid Al-Fitr.

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