UAE remittances grow by 1.1 pct in Q1

Money outflows from the United Arab Emirates (UAE), where 80 percent of the 10.5 million residents are foreigners, grew by 1.1 percent year-on-year to reach 37.1 billion dirham (10.11 billion dollars), state news agency WAM reported on Sunday, citing statistics by the UAE Central Bank.

Indian expatriates topped the list sending a total cash of 12.95 billion dirham (3.52 billion dollars), 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 accounted for 5.4 percent, followed by Egyptians at 4.95 percent and Britons at 4.4 percent. The report did not disclose the value of remittances conducted by Chinese nationals who make up to 300,000 in the UAE.

Up to 75 percent of total remittances, amounting to 27.8 billion dirham (7.57 billion dollars), were conducted through money exchange companies during this period, an increase of 2.7 percent from the same period last year. Twenty-five 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. Endit