BY SACHIN KUMAR
DOHA: Remittances by Egyptian expatriates in Qatar have seen the highest growth in the past five years. According to the World Bank data, remittances from Qatar to Egypt have grown by a whopping 147 percent during the period and stood at $1.03bn in 2014 compared to $417m in 2010.
In terms of volume, Indian expatriates enjoy the lion’s share. Indians sent $4bn to their families in 2014 which is around 130 percent higher than $1.7bn they remitted in 2010.
Indians share around 40 percent of the total remittances from Qatar which stood at $10bn in 2014. Experts say this high percentage does not come as a surprise and is in proportion to the number of Indians in Qatar.
“A major factor behind the surge in remittances to Egypt is the stability which the country enjoys now after the Revolution of 2011, which encourages Egyptians to send money which they were holding back,” said a senior exchange house official. “Also, Egyptian expatriates are in relatively high-paying jobs,” he added.
Egypt witnessed a period of political instability which began in 2011 and continued for around two years. After Indians, Nepalese come second in volume. In 2014, Nepalese expatriates remitted $1.7bn which was around 23 percent higher than $1.4bn they sent in 2010. Filipino expatriates remitted $1.2bn in 2014 against $819m in 2010.
Pakistan was an interesting case as remittances to the country witnessed a fall. Pakistani expatriates sent around $372m in 2014, which was around 55 percent less than $823m in 2010. “Pakistan has seen a decline because many Pakistanis prefer other channels such has hundi to remit money. Sending via hundis is still popular among Pakistanis,” said another exchange house official, requesting anonymity. Hundi is an illegal way of remitting money.
Bangladeshi expatriates sent $518m in 2014. Figures for 2010 were not available.
The Peninsula
