Remittance inflows up
six percent at $6.8 billion

Continuing a steady four-year uptrend

Remittances from expatriates reached $6.8 billion in 2024, marking a six percent increase from the previous year and continuing an uptrend that started in 2021, according to the Central Bank (BDL).

“This sustained upward trend, observed since 2021, highlights the continued support of the Lebanese diaspora as a vital source of foreign exchange and household income. The growth in remittances was primarily driven by increasing reliance on cash and money transfer services, reflecting growing trust in informal channels amid persistent challenges in resident banks,” BDL said in its Balance of Payments and International Investment Position Report for 2024.



Source: Central Bank

Remittance inflows were basically steady throughout 2024 totaling around $1.7 billion per quarter. Remittances sent in the form of cash rose by five percent compared with 2023 while inflows through money transfer companies increased by 11 percent. Expats continued to limit transfers through banks in order to avoid fees and time delays associated with formal banking channels, according to BDL’s report.

“Remarkably, in 2020, remittances were sufficient to fully offset the trade deficit, amid import contraction and subsidies. In 2024, remittances covered around 55 percent of the trade deficit, reinforcing their role in partially financing [the] current account deficit,” BDL said.