Foreign workers in Malaysia sent home $6.1b in 2012

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Malaysia foreign workerOverseas remittance by foreign workers in Malaysia amounted to $6.1 billion in 2012, said Deputy Finance Minister Ahmad Maslan according to local media reports. It was about $4.2 billion in 2010, he said. The amount had gone up due to an increase of access to non-banking financial institutions that allowed foreigners to transfer their money to their home countries.

The top five countries with the highest number of overseas remittance last year were Bangladesh, Indonesia, Nepal, India and the Philippines.

“As a country that has a high level of savings, Malaysia does not depend on external foreign financing to support the function of domestic economy.”

“However, due to an open trade and the financial system, with strong economic fundamentals, Malaysia will continue to be a recipient of foreign capital inflow,” he said.

He said that due to the uncertainty in the global financial market, Malaysia’s outflow of foreign capital is still at a moderate level, showing a reversal in parts of the outflow.

“Most importantly, we must note that the reversal of capital is also experienced by other developing economies, including our neighbouring countries, and not just isolated to Malaysia,” he said.

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Reading Time: 1 minute

Overseas remittance by foreign workers in Malaysia amounted to $6.1 billion in 2012, said Deputy Finance Minister Ahmad Maslan according to local media reports. It was about $4.2 billion in 2010, he said. The amount had gone up due to an increase of access to non-banking financial institutions that allowed foreigners to transfer their money to their home countries.

Reading Time: 1 minute

Malaysia foreign workerOverseas remittance by foreign workers in Malaysia amounted to $6.1 billion in 2012, said Deputy Finance Minister Ahmad Maslan according to local media reports. It was about $4.2 billion in 2010, he said. The amount had gone up due to an increase of access to non-banking financial institutions that allowed foreigners to transfer their money to their home countries.

The top five countries with the highest number of overseas remittance last year were Bangladesh, Indonesia, Nepal, India and the Philippines.

“As a country that has a high level of savings, Malaysia does not depend on external foreign financing to support the function of domestic economy.”

“However, due to an open trade and the financial system, with strong economic fundamentals, Malaysia will continue to be a recipient of foreign capital inflow,” he said.

He said that due to the uncertainty in the global financial market, Malaysia’s outflow of foreign capital is still at a moderate level, showing a reversal in parts of the outflow.

“Most importantly, we must note that the reversal of capital is also experienced by other developing economies, including our neighbouring countries, and not just isolated to Malaysia,” he said.

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