Expat remittances from Oman exceed OMR 3 billion in 2021

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Muscat: Remittances by expatriate workers in the Sultanate of Oman reached RO 3.11 billion ($8.1 billion) in 2021, a decrease of 7.5% compared to 2020 with RO 3.373 billion, according to the latest report issued by the Gulf -Statistics.

According to Ubar Capital, remittances have been on a downward trend since 2015 when outflows hit a peak of RO 4.226 billion.

The UAE recorded the highest outflow of workers’ remittances in the Gulf Cooperation Council countries in 2021, reaching $47.5 billion, an increase of 9.7% compared to 2020.

Saudi Arabia came in second with $39.8 billion, an increase of 15.9%. Kuwait with $18.3 billion, up 6.1%, followed by Qatar with $10.9 billion, and increase of 8.8%.

Oman and Bahrain saw a decrease in remittances of expatriates with a $8.1 billion, a decrease of 7.5% for Oman and $2.5 billion or 7.7%  decrease for Bahrain.

In Oman, the RO 3.11 billion expat remittances which amounts to 9.5% – the highest in the region – of the ratio of workers’ remittances to GDP in 2021 (at current prices). The report, said, citing bulletins issued by the central banks of GCC for their balance of payments, after converting them to US dollars. Bahrain came in second with 6.5% of the ratio of worker’s remittance to Gross Domestic Product.

The slump in expat remittances is attributed to the impacts of the pandemic, which led to stagnant wages and a steep fall in the number of expatriates in Oman, according to a report by the Central Bank of Oman. A contracting economy attributable to the oil price collapse and the pandemic led to a 15.4% decrease in the total size of the expatriate population in employment in Oman in 2020, the apex bank stated. 

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