Workers’ remittances recorded a substantial growth in August 2020, strengthening the current account, the Central Bank said in its latest report.

Workers’ remittances recorded a notable increase for the third consecutive month, recording a growth of 28.2%  in August 2020, year-on-year, to US $ 664 million.

This increase helped limit the cumulative decline in workers’ remittances to 1.5% to US$ 4,346 million during the period from January to August 2020, in comparison to the corresponding period of 2019.

Meanwhile, no tourists arrivals were recorded for the fifth consecutive month in August 2020 as all airports and sea ports remained closed for tourist arrivals in view of the COVID-19 pandemic.

Hence, cumulative tourist arrivals remained at 507,311 during the eight months ending August 2020, compared to 1,267,737 arrivals recorded during the corresponding period in 2019.

Accordingly, cumulative earnings from tourism, which are estimated based on tourist arrivals, remained at US$ 956 million during the year up to August 2020, recording a drop of 60.0% from the corresponding period of 2019.