Sunday, 17 October 2021 06:15 GMT

Lebanon receives highest per-capita remittances in Arab region


(MENAFN- Trend News Agency ) Lebanon ranks first among Arab countries in terms of per-capita remittances which amount to 923 U.S. dollars per person, a statement by the Union of Arab Banks said, Trend reports citing Xinhua.

Wissam Fattouh, secretary-general of the Union of Arab Banks, noted that Lebanon also ranks first among Arab countries in terms of the diversity in the sources of remittances.

The banker said that the remittances to Lebanon amounted to 6.3 billion dollars in 2020, representing 11.5 percent of the Arab region's total remittances.

Over the past two years, a majority of the Lebanese population have been relying on remittances from their relatives in foreign countries given the banking crisis in Lebanon and the inability of depositors to withdraw their savings.

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