Expat remittances totalled AED 80.96 billion in the first half of 2019, down from AED 88bn during the same time period in 2018
Expat remittances from the UAE amounted to AED 80.96 billion in the first half of 2019, down from AED 88 billion during the same time period in 2018, according to statistics from the UAE’s Central Bank.
According to the statistics, a total of AED 33.046 billion was transferred from money exchange companies, with the rest passing through UAE-based banks.
For the second year in a row, India was the top receiving country for earnings made my migrants, who sent home 37.2 percent of the total during the second quarter.
Indians were followed by Pakistanis (10.5 percent), Filipinos (7.2 percent), Egyptians (6.3 percent), UK nationals (3.8 percent), Bangladeshis (3.7 percent), Americans (3.3 percent), Jordanians (2.6 percent), Swiss (2.2 percent) and Chinese, (1.5 percent).
In June, the Central Bank announced that 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.
The amount of remittances transferred in the first three months of 2019 amounted to AED38.41 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.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.