Monday, 26 January 2009

INDONESIA: Foreign remittances set to fall with global slowdown

JAKARTA, 26 January 2009 (IRIN) - The amount of money sent home by Indonesians working abroad is expected to decline this year due to the global economic slowdown triggered by the financial crisis, government officials and economists said.

About five million Indonesians work overseas, 65 percent in the domestic sector, mainly in Middle East countries, and sent approximately US$6 billion home in 2007, according to the National Agency for the Placement and Protection of Indonesian Workers.

The amount is equal to 1.6 percent of gross domestic product, making remittances Indonesia's second-largest foreign exchange earner after oil and gas, said Mohammad Jumhur Hidayat, chairman of the agency. Read more

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