Kuwait - Remittances from expatriate workers in Kuwait grew by 3.7% year-on-year (YoY) in fiscal year (FY) 2019 to stand at KWD 4.47 billion ($14.4 billion), compared with KWD 4.3 billion ($13.9 billion), official data by the Central Bank of Kuwait (CBK) indicated.

The rise comes despite Kuwait’s efforts in nationalising its workforce and discussions of imposing additional fees on expat remittances, not to mention the tensions that often arise and lead to the suspension of Filipino workers travel to Kuwait.

Predictions show that remittances in most countries will see a wide-scale impact amid the ongoing travel restrictions and partial or total curfews imposed in some states due to the coronavirus (COVID-19) outbreak.

Kuwait's Balance of Payments (BoP) for 2019 showed a surplus of KWD 821.2 million ($2.7 billion), compared with KWD 1.1 billion ($3.6 billion) in 2018.

The secondary income deficit increased by 6.8% last year to reach KWD 4.7 billion from KWD 4.4 billion in 2018. The surplus in the balance of goods and services surged by 13.3% to KWD 5.6 billion from KWD 4.9 billion.

Source: Mubasher

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