Qatar expat remittances drops by nearly $200m

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.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Billy

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

All comments are subject to approval before appearing

Further reading

Features & Analysis
Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

How Gulf SWFs have thrown funding lifeline to tech ventures

How Gulf SWFs have thrown funding lifeline to tech ventures

Saudi Arabia and other Gulf states have ploughed money into hot...

Saudi Arabia signals new investment strategies in $3.5bn Uber deal

Saudi Arabia signals new investment strategies in $3.5bn Uber deal

Deal makes the Public Investment Fund a player in the technology...

Most Popular
Most Discussed
sponsoredTracking