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Mon 23 Jul 2018 09:26 AM

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Kuwait expat remittances reach $3.4bn in Q1

Total remittances for 2017 fell to $13.69 billion according to the Central Bank

Kuwait expat remittances reach $3.4bn in Q1

Remittances sent home by expatriates in Kuwait rose 3.5 percent in the first quarter of 2018, according to new figures from the Central Bank of Kuwait.

In a statement, the Central Bank said that remittances totalled KD 1.029 billion ($3.4 billion) in Q1 2018, compared to KD 995 million in Q4 2017.

In 2017, total expat remittances from Kuwait fell 9.2 percent to KD 4.14 billion ($13.69 billion), down from KD 4.56 billion ($15.08 billion) in 2016.

Earlier in July, the Kuwait Times reported that the government rescinded a proposal to implement a remittance tax.

In April, Kuwait’s parliamentary financial and economic affairs committee approved bills stipulating fees on expat remittances, with the fees imposed on the KD 90 dinar ($300) salary category at one percent, two percent for the KD 100-200 ($333-$667) category, three percent for the KD 300 to 499 ($1,000-$1,664) segment, and five percent for the KD 500 to 1,664 ($1,667-$5,550) segment.

The State-run Kuwait News Agency (KUNA) quoted a Kuwaiti MP, chairperson Salah Khorshed, as estimated that the fees on remittances – which are estimated at $63 billion per year – would have brought in approximately $233 million.

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