Expats remittances from the UAE during H1 increased by 13.1%

Expats remittances from the UAE amounted to $24bn (Dh88bn) during the first half of 2018, a growth of 13.1% from $21.2bn (Dh77.8bn) during the same period last year, a media report said.

Money sent by expats to home countries during Q1 of 2018 reached $11.8bn (Dh43.5bn), a growth of 17.3% 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 $12bn (Dh44.4bn), a growth of 8.8% from $11bn (Dh40.7bn) during the same period of 2017. A total of $9.5bn (Dh34.8bn) was transferred through money exchange companies during Q2 while $2,6bn (Dh9.6bn) went through banks.

India took home the crown as the top-receiving country for earnings made by migrants, with a total of $4,71bn (Dh17.32bn), comprising 39% of total remittances during Q2.

They are followed by Pakistani beneficiaries who received 8.5%, or $1bn of total remittances, then Filipinos in the third place with 7.1%, or $857m, with Egyptian accounting for 5.4%t, 653m, US nationals making up 4.9% or 530m, Britons 3.8% and Bengalis 2.6%, TradeArabia reported.

ABOUT THE AUTHOR
Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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