$39mn remitted into Oman in 2012: World Bank report

A World Bank report has shown that the sultanate received US$39mn in remittances from Omani expatriates in 2012, ranking it 145th out of the 165 countries for which there is remittance inflow data.

There has, however, been no increase in the remittance inflow  over the past five years. 

The recorded remittance inflow to Oman amounted to about US$39mn in 2012. The annual inflow figure has remained fairly constant over the past five years,” said Dilip Ratha, manager of the World Bank's Migration and Remittances Unit and CEO, Global Knowledge Partnership on Migration and Development in the Development Prospects Group of the World Bank.

Jordan remains the main source of remittance inflows to Oman. In 2012, about 33 per cent of the inflows came from Jordan, 18 per cent from the UK and 11 per cent from the US,” he said.

“Among MENA countries for which remittance inflow data is available, Oman stands at number 13,” he said, adding that the growth in inflows to the sultanate has been zero over the past five years.

Ratha said that for a country that hosts migrants, an increase in remittance outflows indicates, among others, that the economy is doing good due to which migrants can afford to send more resources.

“For countries sending out migrants, an increase in remittance inflows can indicate various things. It may mean there is growing business opportunity in the country, increasing the inflows targeted at growing investment opportunities. On the other hand, an increase in inflows can also happen when the economy faces adverse conditions such as disasters, as migrants send money to support families during the crisis,” he said.

Remittance inflow to MENA countries in 2012

Ranking                                  Country                                   Remittance  

                                                                                                (US $ in million)

1                                              Egypt                                      20,515  

2                                              Lebanon                                  7,472  

3                                              Morocco                                 6,894  

4                                              Jordan                                     3,643  

5                                              Tunisia                                    2,198  

6                                              Syria                                       2,079  

7                                              Algeria                                    1,843              

8                                              West Bank and Gaza               1,545  

9                                              Yemen                                     1,487  

10                                            Iran                                          1,376  

11                                            Israel                                       1,300  

12                                            Iraq                                          381  

13                                            GCC (S Arabia, Oman)          245, 39*  

14                                            Malta                                      33  

15                                            Djibouti                                  32  

*(GCC countries are clubbed under one category; data for Bahrain, Kuwait, Qatar and UAE not available in report) Source: World Bank