Qatar expat remittances drops by nearly $200m

During the second quarter, money sent home by foreign workers fell by around 7%

Foreign workers in Qatar send home nearly $200m less in remittances during the second quarter of 2013, a drop of 7 percent, according to the latest official figures released by Qatar’s Central Bank.

According to authorities, expatriates sent home QAR9bn ($2.47bn) in the second quarter of 2013, compared to QAR9.7bn during the same period last year, a drop of 7 percent.

Despite an increase in the local population, a report by the World Bank said the reason was because expats were sending money through unofficial methods.

“The high cost of sending money through official channels continues to be an obstacle to the utilisation of remittances for development purposes, as people seek out informal channels as their preferred means for sending money home.”

In addition, the Qatar Statistics Authority said an increase in the cost of living has also been attributed to the slump in funds available to foreign workers to send home.

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Posted by: Billy

Tough to send money back home when you are not getting paid. Perhaps that has something to do with it.

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