WorldThe Kovid crisis will also cause foreigners to drop out; Foreign...

The Kovid crisis will also cause foreigners to drop out; Foreign remittances from Oman have also declined


Highlight:

  • In 2019, 3.51 billion riyals were sent home by foreigners from Oman
  • The figures were released by the National Statistics Center of Oman

Oman: There has been a sharp decline in remittances from Oman due to the spread of Covid and the dropout of foreigners. The amount of remittances normally sent from Oman has now dropped significantly. Last year, foreign workers in Oman sent the least amount of money in eight years to relatives and friends in the country. Shipping in 2020 was four percent lower than in 2019. The figure for 2021 is even lower. This is the total amount of remittances sent home by foreigners in recent years. In 2019, it is 3.51 billion riyals. But last year, remittances were only 3.37 billion riyals. The figures were released by the National Statistics Center of Oman.

In 2015, foreigners in Oman sent the most remittances home. Foreigners sent 4.22 billion riyals this year. Covid is the main reason for the decline in foreign remittances last year. It was during the Covid outbreak that foreigners lost their jobs and many had their wages slashed. Lockdown announced in Oman due to Covid. This has significantly affected Oman’s economy and private companies. Many private companies have cut jobs because of the financial crisis. The salaries of many have been slashed.

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According to media reports, money laundering operators in Oman have been hit hard by the low number of foreign workers and the low salaries of many. Many were stranded in Oman due to travel bans. They did not receive salaries or other benefits. Oman’s foreign population fell by 15.7 percent last year. By 2020, 2.70 lakh foreigners will have lost their jobs. Of these, 1.25 lakh were Indians. At the end of 2019, there were 17.12 lakh foreigners in Oman. By December 2020, it had dropped to 14.43 lakh.

In 2020, 2,69,670 foreigners left Oman. Low wages and high cost of living were the main reasons for foreigners to drop out of Oman. Travel ban to Oman has now been lifted. With this, the authorities are hoping that the economic sector will improve. Remittances are also likely to increase from next year as more foreigners arrive in Oman. Remittances from GCC countries to other countries are likely to decline again this year, according to a World Bank report.

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