Lebanon remittances’ cost drops in Q2
The World Bank issued figures showed that the cost of sending remittances from the United States to Lebanon reached 10.19%in the second quarter of 2014 for a $200 transfer, down from 10.81% in the first quarter of the year and from 10.72% in the fourth quarter of 2013. Also, the cost of sending $500 from the U.S. to Lebanon reached 5.37% in the second quarter of 2014, compared to 5.41% in the previous quarter and 5.32% in the fourth quarter of 2013, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group, The Daily Star reported. The cost includes the transaction fee and exchange rate margin, and represents the average cost of transferring money through commercial banks and money transfer operators. In nominal terms, the cost of sending $200 and $500 from the U.S. was $20.37 and $26.84, respectively, in the second quarter of 2014 compared to $21.62 and $27.04, respectively, in the preceding quarter.