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Mon 24 Jun 2019 07:43 AM

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UAE expat remittances fall 11.7% y-o-y in Q1

The value of money sent home by expat workers fell to $10.45bn, with Indians still topping the list

UAE expat remittances fall 11.7% y-o-y in Q1
Indian expats topped the rankings of nationalities, accounting for 37.4 percent of total remittances during Q1.

The value of remittances sent home by expats based in the United Arab Emirates dropped by 11.7 percent in the first quarter of 2019, compared to the same period last year, according to official figures from the Central Bank.

The amount of remittances transferred in the first three months of 2019 amounted to AED38.41 billion ($10.45 billion), compared to AED43.5 billion during the same period in 2018

The vast majority of the money – or AED25 billion – was transferred through money exchange companies, with the rest processed by banks, according to the WAM state news agency.

Indian expats topped the rankings of nationalities, accounting for 37.4 percent of total remittances during Q1, followed by Pakistani expats (10.2 percent), Filipinos (7.9 percent), Egyptians (6 percent), Bangladeshis (4.6 percent), US nationals (3.4 percent), UK citizens (3.3 percent), Jordanians (2.4 percent), Chinese (2.1 percent) and then the Swiss (1.9 percent).percent, Chinese, 2.1 percent and then the Swiss, 1.9 percent.

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