Muscat: Exchange houses in Oman have endured significant loss of transactions to India, Bangladesh, Philippines and Nepal among other countries.
Remittances to India, Sri Lanka, Bangladesh and the Philippines have declined by 35 per cent this year, according to a report in Gulf News.
Other than weak economic growth, low oil prices and salary irregularities are cited as the prime reasons that have affected expatriate remittance flows from Oman to Asian countries.
India, the biggest receiver of remittances from the GCC, saw its receipts plummeting 2.2 per cent to $35.9 billion (Dh132 billion) in the 12 months to March, compared with the same period a year earlier.
A source from Asia Express Exchange, which operates 32 branches in the country, said: “Indians comprise 80 per cent of our customers. They have been adversely affected by reductions in salaries and lack of annual increments. Many have also returned home for better employment opportunities.”