A significant slowdown in workers’ remittances was observed in June 2017 with a 13.5 per cent reduction in remittances on a year-on-year basis amounting to US dollars 557.6 million during the month.
The continued decline in workers’ remittances can be primarily attributed to the adverse economic and geopolitical conditions prevailing in the Middle Eastern region.
Consequently, inflows from workers’ remittances declined by 7.2 per cent on a cumulative basis to US dollars 3,354.7 million during the first half of 2017, in comparison to the corresponding period of 2016.
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