Proposal to impose charges on money transfer

MPs will vote this week on a proposal to impose fees for the processes of transferring money abroad. Once it comes in effect, it will stipulate acquiring percentages off the amounts of money transferred outside the country.

The MPs who submitted the proposal asserted that it would benefit Bahrain’s economy, as it would diversify the country’s income sources. “Official statistics showed that an amount of BD2.5 billion money is being transferred abroad from the Kingdom now,” the lawmakers said.

They confirmed that the proposal would benefit the incomes of non-oil industries, which “only contribute by 14 percent to the national economy.”

In a statement, the MPs clarified that “the proposal would acquire trifle percentages of the amounts transferred from Bahrain,” as it would assist in increasing the income sources of the economy.

Presenter of the proposal MP Ahmed Al Ahmad told DT News, “the proposal stipulates taking tiny percentages- around 0.5-1 percent of each remitting process done from Bahrain.”

“It will benefit national economy, without affecting the livelihoods of expatriates in the Kingdom,” he assured. The parliamentarians said that the idea was implemented in fellow GCC states and Arab countries.

They added, “The Government should study this proposal and implement it. It would become a supporter to the state’s budget, especially with the continuing deficits and search for new income sources. We seek acquiring tiny percentages that would not affect individuals or institutions. But these small amounts would benefit the economy. Considering the global fall of crude oil prices, we are serious about imposing such fees.”