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13 April 2024

Expat remittances in UAE hit Dh37.1bn in Q1 2017

By Wam

Money outflows from the UAE remain on a positive growth track with total remittances hitting Dh37.1 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 Dh12.95 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.

Up to 75 percent of total remittances, amounting to Dh27.8 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.