Workers’ remittances up in January

Receipt of workers’ remittances grew by 7.6% to $563.4 million in January 2016 compared to $ 523.5 million in January 2015. 

The Central Bank said the expansion in workers’ remittances is partially attributable to the base effect with the decline in earnings during January 2015. 

“However, prevailing low oil prices and the resultant stagnation of income levels in the Middle Eastern countries could have impacted adversely on inflows from workers’ remittances,” it added.

In 2015, workers’ remittances amounted to $ 6.9 billion, marginally down from $ 7 billion in 2014.