Dubai - The remittances grew 1.4 per cent during the last quarter of 2017 from Dh37.9 billion in Q3.
Published: Mon 12 Mar 2018, 9:17 AM
Updated: Mon 12 Mar 2018, 11:30 AM
Expats remittances from the UAE amounted to Dh164.3 billion during 2017, a growth of 2.2 per cent from Dh160.8 billion in 2016.
According to a report by the UAE Central Bank, an amount of Dh121.66 billion was transferred through money exchange companies while the rest went through banks.
During the fourth quarter of the year, money sent by expats to home countries jumped to Dh43.2 billion, which is the same amount of 2016.
During Q4, Dh31.36 billion was transferred through exchange firms, accounting for 72.65 percent of total remittances, with 27.4 per cent thereof transferred through banks.
The remittances grew 1.4 per cent during the last quarter of 2017 from Dh37.9 billion in Q3.
India took home the crown as the top-receiving country for earnings made by migrants, with a total of Dh14.8 billion, comprising 34.2 percent of total remittances during Q4.
They are followed by Pakistani beneficiaries who received 9.4 per cent, or Dh4.1 billion of total remittances, then Filipinos in the third place with 7.1 per cent, while US nationals make up 5.9 per cent or Dh2.6 billion, with Egyptians accounting for 5.5 per cent, Dh2.4 billion, Britons 4.2 per cent, or Dh1.8 billion, and Bengalis 3.6 per cent, or Dh1.5 billion.
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