Saturday 21 April 2018

Gulf NRIs send home $40bn every year

Manama, June 2, 2013

Indian expatriates in the Gulf every year send back home $40 billion, said a senior official.

This accounts for more than half of $69 billion which the World Bank says is the total remittance by Indians worldwide, said a Gulf Daily News report citing the Indian Ambassador for Bahrain Dr Mohan Kumar.

"This huge amount has a positive impact on our economy and we are very much aware of the importance of such remittances," Dr Kumar said at a conference organised by the Labour Market Regulatory Authority.

"We highly value Gulf countries for this," he added.

Dr Kumar said Indians prefer to work in Bahrain over any other GCC country because of the warm welcome and hospitality they receive here.

According to him, about 70 per cent of Indians living in Bahrain were mostly illiterate workers while 30 per cent are educated and able to manage their own affairs.

Money exchanges are reporting that Indians are remitting more cash back home as the value of the rupee against the dinar continues to slump.-TradeArabia News Service

Tags: Bahrain | banks | Gulf | NRI | Remittance |

More Finance & Capital Market Stories

calendarCalendar of Events