MUSCAT : Expat remittances from Oman dropped by 8.3 percent in 2019, the lowest in nearly five years.
According to the 2019 Annual Report issued by the Central Bank of Oman, expat workers send a total of OMR 3.5 billion to various countries last year.
“The current transfers fell significantly reflecting a decline in expatriate workers following Omanisation policies and the slowdown in some economic activities,” CBO said in the report.
Read More
- Building completion in Oman to require telecom connection certificate under new rules
- Expat arrested over theft from commercial shop in Oman’s Bahla
- Oman exempts death cases involving citizens from healthcare service fees
- New Musandam road to cut Khasab–Dibba travel to 55 minutes for commuters in Oman
- Oman Across Ages Museum welcomes one million visitors
As the country continues to pursue its Omanisation policy and due to the coronavirus impact on the economy, there has been a significant drop in expat numbers in the Sultanate. According to the data from National Centre for Statistics and Information, over 400,000 expat workers and their dependents have left the country in the last 10 months.
“The pressure experienced by the Omani economy has increased as 2020 progressed. Several measures aimed at containing the outbreak of the COVID-19 pandemic in conjunction with a steep decline in oil prices have adversely affected economic activities,” CBO pointed out.
According to the apex bank, though economic activities have been largely resumed, social distancing measures and uncertainty in the absence of a vaccine continue to weigh on the economic outlook.
