Review
Published in: Holistic Approach Environ. 4(2014) 3, pp. 113 – 121
Paper reference number: HAE-54
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REMITTANCES: IMPORTANCE, SOURCES & USE

Yones Ali Alazoozy^*

^* Technical university of Košice, Faculty of Economics, Department of Banking and Investment, Košice, Slovakia

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ABSTRACT

This paper focuses on the trends in remittances that are significant financial means for family members left behind and economy of the sending country as well as the host country. The main items that are obtained by the remittance money include construction, innovation, redoing of the houses of the migrants in the country of origin, education, health care, paying back loans and the others. Remittances sent from Oman to other countries have increased from $ 801 million in 1988 to $8 086 million in 2012. This makes it important to continue to analyse the potential of migrants’ remittances to contribute to development of economy in the receiving country.

Keywords: remittances, economic development, GDP
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