The World Bank expected the volume of remittances of Lebanese working abroad and expatriates to rise by 4 percent this year compared to the previous year to reach 7.8 billion dollars. Bringing their contribution to 14.5 per cent of GDP for 2018.
The average cost of sending money to Lebanon from Australia, Canada, Germany, and the UK, is the highest in the region. Lebanon ranked second in terms of remittances, while Egypt came first, with remittances expected to reach $ 25.7 billion.
The figures for Lebanon's remittances reflect a qualitative increase compared to the averages recorded in previous years. These transfers, according to the Lebanese Central Bank, have averaged $ 6.3 billion between 2002 and 2017. The average value rose from an annual rate of $ 4.8 billion between 2002 and 2007 to an annual rate of $ 7.21 billion between 2008 and 2017.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
