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Remittances up 12% during first 2 weeks of Ramadan

Business Wednesday 05/July/2017 14:34 PM
By: Times News Service
Remittances up 12% during first 2 weeks of Ramadan

Muscat: Xpress Money, one of the world’s most dependable money transfer brands, has recorded a 12 per cent increase in remittances during the first two weeks of Ramadan, compared with the first two weeks of Ramadan last year.
The increase is reflected in outward remittances to South Asia, the Levant and other parts of the Middle East and North Africa (MENA) region.
“Ramadan is the month of giving, and we traditionally witness that remittances back home to friends and loved ones increase during the month. This year, we have registered a 12 per cent increase in remittances in the first two weeks of the holy month, and this figure may change once we tabulate data for the entire month after Eid-al-Fitr. The increased remittances are a sign of generosity, and also help families back home prepare for Eid festivities,” said Xpress Money’s Chief Operating Officer, Sudhesh Giriyan.
The increased remittances are part of a broader shift in spending, consumption and behavioural habits during the holy month.
Last year, a comprehensive Gulf Cooperation Council-wide survey by Xpress Money showed that 63 per cent of Oman’s expatriates transferred more money to their loved ones during the month, while 88 per cent spent more on charitable acts.
Nearly 75 per cent of respondents also said that they spent more time with family, or even travelled to their home countries to be with family during Ramadan.