By Neil Halligan
Central Bank of Oman says increase largely down to surge of expats working in the private sector
Remittances from the expatriate community in Oman stood increased by 12 percent, according to a report by the Central Bank of Oman (CBO).
Times of Oman reports that the total amount remitted during 2013 stood at $9,096 billion (OR3.502 billion) in 2013, compared to $8,076 billion (OR3.109 in 2012), an increase of 12.6 percent.
The Central Bank report said the size of the remittances over the past five years was $35,414bn (OR13,621 billion).
According to the Times of Oman, the Central Bank report says the main reason behind the increase has been a surge in the number of the expat workers in the private sector, with 1,316,000 workers in 2012, increasing to 1,527,000 workers in 2013.
The Central Bank report says the increase in expats working in the private sector is as a result of a high demand for them in different economic sectors, mostly the construction sector.
Government officials are currently planning the next phase of its labour programme, which includes new regulations aimed at curbing hidden ownership in businesses and monitoring those who lay off workers.
Sheikh Abdullah bin Nasser Al Bakri, Oman’s Minister of Manpower, has recently said that the government will support Omani entrepreneurs who run their own businesses, rather than having expats as the actual managers.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.