Remittances drop by 3.7%

As a result of adverse economic and geopolitical conditions prevailing in the Middle Eastern region, workers’ remittances declined for the third consecutive month in May 2017.

Workers’ remittances at $ 575.4 million in May declined by 3.7% on a year-on-year basis. Consequently, cumulative inflows from workers’ remittances declined by 5.8% to $ 2,797.0 million during the first five months of 2017 in comparison to the corresponding period of 2016.