Saudi Arabia’s Ministry of Finance denies imposing fees on foreign worker remittances

The Ministry of Finance said reports of a remittance fee were 'baseless'. (Shutterstock)
Updated 04 September 2018
0

Saudi Arabia’s Ministry of Finance denies imposing fees on foreign worker remittances

JEDDAH: Saudi Arabia’s Ministry of Finance denied on Monday reports that it was planning to impose fees on the remittances of foreign workers.

The ministry said it was committed to supporting the free movement of capital through official channels in accordance with international standards and practices.

The statement was issued in response to “baseless and unfounded reports” by some media outlets. 

The Kingdom is home to more than 10 million foreign workers who in 2017 sent almost $38 billion to their home countries. 

The ministry said keeping the remittances free of fees “will also enhance foreign investors’ confidence in the Kingdom’s economy and financial systems.”

The ministry said it had already denied rumors of charging expats for their remittances in January 2017.


Hong Kong economy cools as trade tension mounts

Updated 16 November 2018
0

Hong Kong economy cools as trade tension mounts

HONG KONG: Hong Kong’s economic growth slowed in the latest quarter and the government warned it could face headwinds from US-Chinese trade tension and higher interest rates.
Government data Friday showed the Chinese territory’s economy expanded by 2.9 percent over a year earlier, down from the previous quarter’s 3.5 percent.
Exports rose 5 percent over a year earlier, but the government said the impact of trade tension and weaker global demand “has begun to surface” and is “likely to become more apparent in the near-term.”
The government said Hong Kong also faces a drag from higher interest rates. The Hong Kong dollar has a fixed exchange rate with the US dollar, which requires the central bank to raise interest rates along with the US Federal Reserve even though economic growth is slowing.