Remittances from GCC countries down

WASHINGTON: Remittance flows from GCC countries are down, with lower oil prices partly responsible, the World Bank said. “Policies favoring employment of nationals over migrant workers have discouraged demand for migrant workers in the GCC countries,” the institution’s latest paper on Migration and Development said. Anti-money laundering efforts have also “prompted banks to close down accounts of money transfer operators, diverting activity to informal channels,” the paper noted.

On a global scale however, remittances to developing countries are expected to increase 0.8 percent to $442 billion, the Bank said. “The modest recovery this year is largely driven by increases in remittances sent to Latin America and the Caribbean,” it noted. Remittances remain “an important component of the global economy, surpassing international aid,” and weak growth “could present challenges for millions of families that rely heavily on these flows,” it said. However, remittances into the Middle East and North Africa are expected to increase by 1.5 percent in 2016, the paper added.

Kuwait oil up 12 cents

Meanwhile, Kuwaiti oil barrel rose 12 cents on Thursday reaching $46.58 per barrel, compared to $ 46.46 pb on Wednesday, said Kuwait Petroleum Corporation (KPC) yesterday. Producers are anxiously awaiting the upcoming meeting of OPEC next November, where member-states are expected to take decision on limiting production.

Brent crude oil rose 65 cents or by 1.3 percent upon settlement, reaching $52.51 per barrel, while West Texas crude oil also rose 61 cents or by 1.2 percent reaching $50.44 pb. — Agencies