Beirut, Lebanon – 2022: Lebanon is grappling with its worst economic crisis and social unrest and has been ranked among the most severe since the mid-nineteenth century[1] with the poverty line reaching more than 60%. Remittances from the Lebanese diaspora reached $6.6 billion[2] in 2021, making it the primary means of supporting families.
The importance of remittances is even more important during the holidays, especially for families who are separated by distance.
Eid Al-Adha is just around the corner, here are 5 reasons to send remittances:
1. Preserving the inherited traditions of Eid: The joy of Eid al-Adha is not complete without the custom of giving money to children and a visit to amusement parks. Remittances from loved ones abroad are a way to continue these traditions for children in future generations.
2. Revitalising the movement of commercial markets: Eid is characterised by the gifting of new clothes and shoes for children. However, due to the recent economic challenges, many stores in Lebanon have been forced to shut their doors. External support from the Lebanese diaspora helps to restore the movement in these markets and revive the economy, in addition to helping families that rely on their own business as a source of income.
3. Uniting families: Even from afar, the Lebanese expatriate community is eager to participate in family gatherings. Sending remittances bridges physical distances and unites loved ones, allowing special occasions and holidays to be shared globally.
4. Reviving the economy and addressing the wave of dollarization: With foods and consumer goods becoming increasingly more expensive due to the wave of dollarisation in Lebanon, the purchasing power of citizens, who commonly receive their salaries in the Lebanese pound (LBP), has decreased. Therefore, receiving remittances in hard currency is more important than ever, for example, $100 USD enables a family of four to prepare food this Eid.
5. Technology and ease of money transfer: The process of transferring money has become easier than money, with the availability of secure platforms, such as WorldRemit, a leading global payments company, which launched its services last year in Lebanon.
Unlike traditional money transfers, which involve
authorised agents, time, and oftentimes high fees, sending money withWorldRemit
is 100% digital, thereby increasing convenience and security. Today, loved ones
scattered abroad can support their relatives and friends in their home country,
via the WorldReit mobile app and website. The process of transferring money to
Lebanon has become very easy, from several countries around the world, in
addition to receiving cash directly from 140 Cash Plus locations.
[1] World Bank’s Lebanon Economic Monitor, Pg 27. 2021.
[2] https://www.lebanon24.com/news/lebanon/957044/%D8%B1%D9%82%D9%85%D9%8C-%D9%87%D8%A7%D8%A6%D9%84-%D9%84%D9%80%D8%AF%D9%88%D9%84%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AA%D8%AF%D8%AE%D9%84-%D8%A5%D9%84%D9%89-%D9%84%D8%A8%D9%86%D8%A7%D9%86-%D8%B9%D8%A8%D8%B1-%D8%A7%D9%84%D8%AA%D8%AD%D9%88%D9%8A%D9%84%D8%A7%D8%AA-%D9%83