Expat remittances from UAE hit $10billion in Q1 2017

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Money outflows from the UAE remain on a positive growth track with total remittances hitting AED 37.1 billion in the Q1 2017, a growth of 1.1 percent from the same period last year, UAE Central Bank stated on Sunday.

Indian expats top the list sending a total cash of AED 12.95 billion, accounting for 34.9 percent of total remittances, followed by Pakistani nationals accounting for 9.4 percent, then Filipinos at 7.3 percent during the first three months of the year.

Americans account for 5.4 percent, followed by Egyptians at 4.95 percent and Britons at 4.4 percent.

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Up to 75 percent of total remittances, amounting to AED 27.8 billion, were conducted through money exchange companies during the first quarter of the year, a growth of 2.7 percent from the same period last year, while 25 percent thereof was done through banks.

The Central Bank attributed the hike in remittances to 2.2 percent in the average value of UAE Dirham against other currencies comparatively with the same period last year.

Published on 9 May 2017

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