The Central Bank says that workers’ remittances, which are estimated to grow substantially in 2012, are expected to moderate its growth in the medium term in line with expanding domestic economic activities.
“With the tight domestic labour market conditions, migration for foreign employment is expected to decline gradually resulting in a deceleration of workers’ remittances in 2013 and beyond in contrast to the substantially high growth rates recorded since 2009,” the Central Bank 2011 Annual Report stated.
Workers’ remittances, which constitute a greater share of private transfers, continued to be the foremost foreign exchange earner in 2011, surpassing the export earnings from textiles and garments for the third consecutive year. Gross workers’ remittances increased notably by 25 per cent to US dollars 5.1 billion, from US dollars 4.1 billion in 2010.
“With the tight domestic labour market conditions, migration for foreign employment is expected to decline gradually resulting in a deceleration of workers’ remittances in 2013 and beyond in contrast to the substantially high growth rates recorded since 2009,” the Central Bank 2011 Annual Report stated.
Workers’ remittances, which constitute a greater share of private transfers, continued to be the foremost foreign exchange earner in 2011, surpassing the export earnings from textiles and garments for the third consecutive year. Gross workers’ remittances increased notably by 25 per cent to US dollars 5.1 billion, from US dollars 4.1 billion in 2010.
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