Gulf’s Asian workers see remittance boom from strong dollar

SHARE

SHAFAQNA – The US dollar’s strength against Asian currencies is leading to a surge in remittances from migrant workers in the Gulf Arab region, exchange houses say, giving a boost to their home countries such as India, Philippines and Pakistan.

But lower oil prices are expected to gradually reduce demand for blue-collar workers, tempering growth in remittances next year, say industry executives.

With its huge population of expatriates, the Gulf is one of the most important sources of remittances as mainly lower-skilled workers send money home to families in Asia.

Expatriates in the Gulf sent home $93.4 billion in 2013, according to the World Bank, which rates Saudi Arabia and the United Arab Emirates among the top five migrant destination countries.

LEAVE A REPLY

Please enter your comment!
Please enter your name here