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GCC expat financial transfers at USD49b in 2006-2010

16 Feb 2012

(MENAFN) The Arab Monetary Fund (AMF) said that during 2006-2010, foreigners living in the GCC countries transferred about USD269.8 billion, reported Emirates 24/7.

The AMF added that Saudi emerged as the main source of those remittances, with around USD112.2 billion transferred out of the country during the period.

The Abu Dhabi-based fund also said that remittances by Kuwait’s 2.5 million expatriates reached USD50.7 billion, ranking the country as the second largest source of total GCC transfers, whereas those transferred by the 6 million expatriates in the UAE reached USD49.3 billion.

It is worth noting that in spite of the massive remittances, the current account of most GCC countries continued to record high surpluses due to strong oil prices.

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