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Expat remittances drop by 13 %

KUWAIT: Remittances by expatriates living and working in Kuwait dropped by 13 percent during the first quarter of 2018, said money exchange sources, noting that the fall has been taking place since 2017. The sources added that official statistics have shown that expats’ remittances dropped by 9 percent last year to KD 4.14 billion compared to KD 4.56 billion in 2016.

The sources explained that the monthly rate of remittances made by an individual expat (excluding domestic helpers) dropped from $626 to only $545, and attributed this to a slight drop in the number of expatriate laborers. The sources also said the drop was due to falling oil prices over the past few years, noting that this led to a fall in expats’ incomes, which were also affected by increasing fuel prices, water and electricity fees. Notably, the average monthly remittance by around 700,000 expats is no more than $300. – Al-Qabas

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