50.7 BILLION DINARS TRANSFER BY KUWAITI EXPATRIATES WITHIN 10 YEARS

  • 24/08/2022

Kuwait City: Official data revealed that the total remittances of expatriates from Kuwait during the past 10 years amounted to about 50.75 billion dinars. Its levels were at 3.54 billion dinars, while it recorded its highest level ever during 2021, at about 5.52 billion dinars.


The data showed that the past 11 years witnessed noticeable and varied changes in the remittances of expatriates, as they rose and fell with some famous crises in different ways. In 2011, which witnessed hot political events in many countries, the value of remittances from Kuwait reached about 3.54 billion dinars, then what It rose by 21%, by more than 700 million dinars, to 4.28 billion dinars in 2012.

In 2016, the remittances of expatriates from Kuwait recorded about 4.56 billion dinars, and these remittances declined by about 9% in the immediate following year, equivalent to 421 million dinars, and the value of remittances from expatriates in 2017 became about 4.14 billion dinars.

On the contrary, the Corona period (2020/2021) witnessed an increasing growth in the volume of expatriate remittances compared to the year before the start of the pandemic. To record a record at 5.29 billion dinars, compared to 4.46 billion dinars in 2019.

Although the year 2021 also witnessed some precautionary measures, the volume of remittances from expatriates continued to rise again to record a new record, as it increased by 23.7%, exceeding one billion dinars, compared to The volume of remittances just prior to the start of the pandemic.

Remittances from expatriates during the crisis years (2011 - 2016 - 2020 - 2021) controlled about 37% of their total remittances during the period from 2011 to 2021, at a rate of 18.9 billion dinars, while during the two years of Corona only they recorded 21.3% of remittances at 10.8 billion dinars. .

In a related context, the exchange companies sector is closely linked with the remittances of expatriates, as the sector companies are the main outlet for these remittances.

According to the available data on the sector’s performance from 2014 until the end of 2021 (8 years), it achieved total revenues from its operations of 493.4 million dinars, and that 77% of the revenues of these companies come from the currency sale activity, which accounted for 379.49 million dinars of the sector’s total revenues during That period, while other revenues, which include transfer fees and the rest of the revenues without bank interest, accounted for 110.9 million dinars from the revenues of that period, while the bank interest income amounted to only 3 million dinars.

In addition, the companies achieved a net profit of 182.8 million dinars for that period, while the Corona period accounted for 44.5% of the total profits for the eight years at 81.33 million dinars, where the highest levels of profits were recorded in 2021 by 45 million dinars, and 2020 by 36.3 million dinars, It was noteworthy that the companies’ profits increased from the level directly before Corona (2019) by 103%, with a value of 18.39 million dinars, compared to profits of 17.9 million dinars for 2019.

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