Expats in Kuwait Remitted 33.3 billion dinars in 7 years

This news has been read 2661 times!

KUWAIT CITY, Feb 26:  Data released by the Central Bank of Kuwait indicates that expats in Kuwait have sent approximately 33.353 billion dinars in remittances over the past seven years, equivalent to 108.3 billion dollars. Remittances saw fluctuations over the years, with an increase from 4.142 billion dinars in 2017 to 5.526 billion dinars in 2021. However, there was a slight decline in 2022 and a further reduction to about 2.979 billion dinars during the first nine months of 2023.

The data reveals a significant drop in expatriate remittances during the first nine months of 2023, with a decrease of 29.67% compared to the same period in 2022. This decline was observed across all quarters, with the largest decrease in the second quarter at 40.33%, followed by a 31.46% decline in the third quarter.

Remittances play a crucial role in the household income of low- and middle-income countries, contributing to poverty alleviation and improving nutritional outcomes. However, the decline in remittances has impacted Kuwait’s balance of payments, with a decrease in the secondary income account deficit and a decline in the current account surplus during the third quarter of 2023. Overall, the balance of payments deficit increased by 40.73% compared to the same period in 2022.

by Mahmoud Shendi
Al Seyassah / Arab Times staff

This news has been read 2661 times!