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
Showing posts with label Yemen. Show all posts
Showing posts with label Yemen. Show all posts
Sunday, 25 October 2009
Saturday, 1 August 2009
New mechanism to monitor expatriate remittance to Yemen
SANAA, July 31 (Saba) – The Yemen Central Bank will start in August introducing a new mechanism to monitor remittance by Yemeni expatriates, a move which aims to provide a more realistic picture of the amount of remittances by Yemeni nationals abroad into their homeland.
The new mechanism would be established in cooperation with the International Monetary Fund and will focus on estimating in-kind-remittances of Yemeni expatriates, director of the Research Department at the bank Hussein al-Kaheli said.
Money remittances would be checked by banks and exchange companies working in the country through filling in special forms.
In the meantime, remittance by the Yemeni expatriates may fall this year due to the global economic crisis. Read more
The new mechanism would be established in cooperation with the International Monetary Fund and will focus on estimating in-kind-remittances of Yemeni expatriates, director of the Research Department at the bank Hussein al-Kaheli said.
Money remittances would be checked by banks and exchange companies working in the country through filling in special forms.
In the meantime, remittance by the Yemeni expatriates may fall this year due to the global economic crisis. Read more
Wednesday, 13 February 2008
13 February 2008
Yemen ranked high among the top 10 countries in the Middle East and North Africa in receiving financial remittances from abroad last year, according to a report issued by the World Bank.
Financial remittances of Yemenis living abroad amounted to $1.300 billion in 2007, forming 6.7 percent of the Gross Domestic Product for that year.
Total remittances from Yemeni emigrants during 2000-2007 exceeded $10 billion, whereas money sent by foreign workers living in Yemen to other countries amounted to $587 billion during the same period, according to the World Bank.
These remittances are a way of reducing poverty and supporting the economy, a fact which was confirmed by the World Bank in its report, said Taha al-Fosiel, economist at Sana'a University.
Yemen ranked high among the top 10 countries in the Middle East and North Africa in receiving financial remittances from abroad last year, according to a report issued by the World Bank.
Financial remittances of Yemenis living abroad amounted to $1.300 billion in 2007, forming 6.7 percent of the Gross Domestic Product for that year.
Total remittances from Yemeni emigrants during 2000-2007 exceeded $10 billion, whereas money sent by foreign workers living in Yemen to other countries amounted to $587 billion during the same period, according to the World Bank.
These remittances are a way of reducing poverty and supporting the economy, a fact which was confirmed by the World Bank in its report, said Taha al-Fosiel, economist at Sana'a University.
Subscribe to:
Posts (Atom)