|20 September, 2018

Expat remittances from UAE hit $24bln in H1

Expats remittances from the UAE during the first half of 2018 increased by 13.1%

Image used for illustrative purpose. A customer exchanges money at a currency exchange center in Dubai.

Image used for illustrative purpose. A customer exchanges money at a currency exchange center in Dubai.

REUTERS/Ahmed Jadallah

ABU DHABI: Expats remittances from the UAE amounted to Dh88 billion ($24 billion) during the first half (H1) of 2018, a growth of 13.1 per cent from Dh77.8 billion ($24 billion) during the same period last year, a media report said.

Money sent by expats to home countries during Q1 of 2018 reached Dh43.5 billion, a growth of 17.3 per cent against the same period in 2017, reported Emirates news agency Wam, citing figures released by the Central Bank of UAE.

During Q2, foreign remittances jumped to Dh44.4 billion, a growth of 8.8 per cent from Dh40.7 billion during the same period of 2017. A total of Dh34.8 billion was transferred through money exchange companies during Q2 while Dh9.6 billion went through banks.

India took home the crown as the top-receiving country for earnings made by migrants, with a total of Dh17.32 billion, comprising 39 per cent of total remittances during Q2.

They are followed by Pakistani beneficiaries who received 8.5 per cent, or Dh3.55 billion of total remittances, then Filipinos in the third place with 7.1 per cent, or Dh3.15 billion, with Egyptian accounting for 5.4 per cent, Dh2.4 billion, US nationals making up 4.9 per cent or Dh1.95 billion, Britons 3.8 per cent and Bengalis 2.6 per cent.

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