Remittances drop 12.2% in March

Workers’ remittances declined by 12.2% year-on-year to $ 593.4 million in March 2017 from $ 675.7 million in March 2016. 

Furthermore, the cumulative inflow from workers’ remittances also declined by 3.3% to $ 1,733.7 million during the first quarter of 2017, in comparison to the corresponding period of 2016. The decline in workers’ remittances can be attributed to the adverse economic and geopolitical conditions prevailing in the Middle Eastern region.