Mubasher: Remittances from expatriate workers in Kuwait surged 3.9% year-on-year in the first nine months of 2018, according to a survey conducted by Mubasher based on data issued by the Central Bank of Kuwait (CBK).
Foreign workers’ remittances in the Gulf nation amounted to KWD 3.27 billion ($10.81 billion) in the first three quarters of 2018, compared to KWD 3.15 billion ($10.41 billion) in the corresponding period in 2017.
Higher remittances of foreign workers in Kuwait in the January-to-September 2018 period were supported by the 14.4% increase in remittances in Q2-18, together with the 12.1% growth in Q3-18, offsetting the 11.9% year-on-year retreat in Q1-19.
Remittances rose despite Kuwait’s plans to impose fees on remittances of expat workers.
In April, Kuwait’s parliamentary committee endorsed a draft law to impose taxes on expat remittances, but it has not yet been approved.
