Printer Friendly

WAM: Expat remittances in UAE reach AED 37.1 billion in Q1 2017.

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

WAM, the UAE state news agency, has reported that 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 per cent from the same period last year. WAM reports that the statement came from the UAE Central Bank.

Indian expats top the list sending a total cash of AED 12.95 billion, accounting for 34.9 per cent of total remittances, followed by Pakistani nationals accounting for 9.4 per cent, then Filipinos at 7.3 per cent during the first three months of the year, according to WAM. Americans account for 5.4 per cent, followed by Egyptians at 4.95 per cent and Britons at 4.4 per cent. 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 per cent from the same period last year, while 25 per cent thereof was done through banks.

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

[c] 2017 CPI Financial. All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2017 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:CPI Financial
Geographic Code:7UNIT
Date:May 8, 2017
Words:251
Previous Article:Mashreq and Germany's Commerzbank agree on a strategic cooperation.
Next Article:Digitisation in the banking world.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters