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Remittances likely to increase 20 percent
As remittance from the Gulf increases and new technology is developed, experts predict remittance rates are unlikely to return to pre-recession high
November 7, 2010 3:36 by Eva Fernandes
Things haven’t always looked as rosy for the remittance markets; last year, The National reports, the market faced severe setbacks as remittances declined due to salary cuts and redundancies. As the construction boom slowed down, so too did the number of construction workers (who constitute for a large percentage of remitters) working in the UAE.
Though things are looking up for the market, experts predict that the increase is unlikely to return to pre-recession figures. The chief executive and president of Western Union, Christina Gold, told The National, ‘From our perspective, we see this as a challenging region in 2010 but we see opportunities coming into next year and see growth rebounding in the region (…) We are not seeing the growth we saw, and seeing it pretty much steady on to last year’s numbers.”
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