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Remittances from expats living in Oman reach USD 11 billion

06 de julho de 2016

São Paulo – Remittances made by expats working in Oman surpassed, for the first time, OMR 4 billion (USD 10.4 billion) in 2015, according to the Arab country`s Central Bank. The amount reached OMR 4.226 billion (USD 11 billion), an increase of 6% over 2014`s total. The information is from the newspaper Oman Daily Observer.

According to the paper, the bank credits the performance to the increase in the number of jobs created for foreigners in the sultanate, especially in the private sector. Remittances have been rising every year since 2010.

Data from the National Center of Statistics and Information (NSCI) shows that the number of expats in Oman totaled a little more than 2 million people in May of this year, with the country`s total population at 4.4 million people.

The hiring of expat workers in the Gulf`s Arab nations is very common and the money that these workers send back home to their families is an important source of revenues in their home countries, especially in Asia and Africa.

The paper points out, however, that the increase in remittances produces an impact in Oman`s external accounts. Last year, according to data from the Central Bank, the country registered a deficit of OMR 4.2 billion (USD 10.9 billion), against a surplus of OMR 1.6 billion (USD 4.15 billion) in 2014.

*Translated by Sérgio Kakitani