A substantial increase was observed in workers’ remittances in July 2020, recording the highest amount of monthly remittances since January 2018, the Central Bank said in its latest report.
Workers’ remittances continued to increase, recording a growth of 12.2% in July 2020, year-on-year, to US$ 702 million.
However, on a cumulative basis, workers’ remittances declined by 5.5% to US$ 3,682 million during the period January – July 2020, in comparison to the corresponding period of 2019.
Meanwhile, as no tourists arrivals were recorded for the fourth consecutive month in July 2020 due to the COVID-19 pandemic, cumulative tourists arrivals remained at 507,311 during the first seven months of 2020, compared to 1,124,150 arrivals recorded during the corresponding period in 2019.
Accordingly, cumulative earnings from tourism, which are estimated based on tourist arrivals, remained at US$ 956 million during the first seven months of 2020, recording a drop of 54.9% from the corresponding period of 2019.