Remittances from UAE expatriates rose by 15 percent a week ahead of Eid Al Fitr, according to a senior Al Ansari Exchange executive.
“The holy month of Ramadan is a period when the demand generally spikes for foreign currencies and remittances, as it coincided with the summer and holiday travel season,” Rashed Al Ansari, general manager, Al Ansari Exchange, told Arabian Business.
“This year we recorded good growth compared to the same period last year. With the government’s decision to pay salaries to public sector employees before Eid Al Fitr along with the early dispersal of salaries in some private sector companies, the last week of Ramadan registered a record growth of 15 percent over the previous week.”
Al Ansari said the highest remittances were recorded for India, Pakistan, the Philippines, Egypt and Jordan during the Ramadan, adding, the average remittance grew higher by 30 percent.
“At our centres, the average remittance amount throughout the year is around AED1,600 per transaction which increases to a little over AED2,000 during the holiday seasons.”
In June, UAE Exchange chief executive officer Promoth Manghat told Arabian Business that they were expecting a double-digit growth in remittances before Eid.
According to the World Bank, India remains the world’s largest remittance recipient though inflows fell by 8.9 percent to $62.7 billion (AED230bn) in 2016 from $68.9bn in 2015.
Other countries making it to the top five list were China ($61bn), the Philippines ($29.9bn), Mexico ($28.5bn) and Pakistan ($19.8bn).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.
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