Central Bank of the United Arab Emirates figures reveal 7.7% drop compared to the year earlier period
Expats remittances from the UAE amounted totalled AED39.9 billion ($10.8 billion) during the fourth quarter of 2018, according to official figures.
The figure, released by the Central Bank of the United Arab Emirates, represented a drop of 7.7 percent compared to the same period in 2017.
A total of AED9.5 billion of the remittances were transferred through banks and AED30.4 billion through money exchange companies, state news agency WAM reported.
India was the top-receiving country for earnings made by migrants, comprising 34.2 percent of total remittances during Q4.
It was followed by Pakistan, comprising 9.4 percent, Philippines (7.2 percent), the United States (5.9 percent) and Egypt (5.5 percent).For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.