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Mon 24 Feb 2020 09:01 AM

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Expat remittances from UAE drop by 2.5% in 2019

India continues to be the top receiving country for earnings made by expats

Expat remittances from UAE drop by 2.5% in 2019

India continues to be the top receiving country for earnings made by expats, followed by Pakistani beneficiaries, Filipinos, Egyptians, UK nationals and Bangladeshis.

Expat remittances from the UAE dropped by 2.5 percent in 2019 compared to the previous year.

According to figures released by the Central Bank of the United Arab Emirates (CBUAE), AED165 million was sent back to various countries last year, compared to AED169.2m in 2018.

Hiring in the private sector increased 2 per cent in the fourth quarter year-on-year, compared to an increase of 1.1 per cent in the previous quarter.

This is reflected in remittances from the fourth quarter, which increased by 1.8 percent over the comparable period in 2018, with 15.6 percent transferred through banks and the rest via money exchange companies operating in the country.

India continues to be the top receiving country for earnings made by expats, followed by Pakistani beneficiaries, Filipinos, Egyptians, UK nationals and Bangladeshis.

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