Sunday, 25 October 2009

Yemeni expatriate remittances make up nine percent of the national income

YEMEN - Yemeni expatriate remittances (money sent by a foreign worker to his home country) have been responsible for nine percent of the gross national income during the past eight years, reported Abdul Karim al-Mogharm, the sub-governor of Central Bank of Yemen, during an expatriates conference that was held recently in Sana'a.

Al-Mogharm had prepared a paper on investment opportunities in the banking sector, which he presented at the conference. He emphasized the essential nature of remittances in supporting Yemen's foreign exchange reserves, balancing payments, and increasing the national income. Al-Mogharm went on to say that “emigrants' remittances helped finance the country's needs,” and added that “an average of 3.5 percent of the financing for the country's imports came from remittances.” Read more

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