The fall in oil prices did not have any negative impact on expatriates’ remittance inflows to Lebanon, a report by the World Bank projects says.
Remittance inflows to Lebanon are expected to reach $7.498 billion in 2015, compared with $7.446bn during 2014, adds the report.
Accordingly, Lebanon ranked 15th globally, with India topping the list of the largest recipient of remittances globally in 2015, with remittances amounting to $72.18bn, reports UAE-based Aliqtisadi.
The weekly report issued by Credit Libanais shows that Lebanon was the second-largest recipient of remittances among 13 countries covered by the statistics, while Egypt came first with $20.39bn.
Further, expatriates’ remittances to Lebanon are equivalent to 16.28 per cent of GDP, the highest such ratio in the region and 16th globally, which highlights the importance of these remittances for the Lebanese economy.
It is noteworthy that expatriates’ remittances to Lebanon amounted to $7.55bn in 2013, $6.91bn in 2011 and $6.92bn in 2012.
($1 = AED3.67, at the time of publishing)