Ninth remittances' recipient

Remittance flows expected to reach $8 billion, similar to 2010: World Bank

A World Bank report expected Lebanon to receive around $8 billion in remittances in 2011, almost unchanged from the level achieved last year.

The World Bank published its ‘Outlook for Remittance Flows 2012-14’ on December 1.
The report indicated that remittance flows to Lebanon were kept at the same level in 2010 and 2011 due to “the absence of more definitive information”. “The initial Balance of Payments data on remittance inflows of Lebanon’s workers reported a significant decline in 2010, but statements by central bank officials suggest that these flows have remained relatively resilient,” it said.

The report positioned Lebanon, along with Egypt, in ninth place among developing countries.

According to the report, total remittance flows to developing countries are projected to rise to $351 billion in 2011, from $325 billion in 2010. Worldwide recorded remittance flows are estimated to have reached $483 billion in 2011.

The report said that the intense political bickering in some MENA countries have hampered remittances growth rates. It said that remittances to the MENA region are projected to reach $36 billion in 2011, slightly up from $35 billion in 2010. Remittances to Lebanon account for 22 percent of total remittances to the MENA region in 2011, the report said.

The cost of sending $200 to Lebanon was $27.9 during the third quarter of the year, compared to $26.8 compared to the same period of 2010. The average cost of sending $200 to MENA countries was $19 in the third quarter of 2011.