Foreign remittances hit AED88 bn in H1

ABU DHABI, 19th September, 2018 (WAM) -- Expats remittances from the UAE amounted to AED88 billion during H1 2018, a growth of 13.1 percent from AED77.8 billion during the same period last year.

According to figures released by the Central Bank of UAE today, money sent by expats to home countries during Q1 of 2018 hit AED43.5 bn, a growth of 17.3 percent against the same period in 2017.

During Q2, foreign remittances jumped to AED44.4 bn, a growth of 8.8 percent from AED40.7 billion during the same period of 2017. A total of AED34.8 bn was transferred through money exchange companies during Q2 while AED9.6 bn went through banks.

India took home the crown as the top-receiving country for earnings made by migrants, with a total of AED17.32 bn, comprising 39 percent of total remittances during Q2.

They are followed by Pakistani beneficiaries who received 8.5 percent, or AED3.55 bn of total remittances, then Filipinos in the third place with 7.1 percent, or AED3.15 bn, with Egyptian accounting for 5.4 percent, AED2.4 bn, US nationals making up 4.9 percent or AED1.95 bn, Britons 3.8 percent,, and Bengalis 2.6 percent.

 

WAM/Hatem Mohamed/Tariq alfaham