Expat remittances from the UAE hit $10bn

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The total value of remittances from the UAE reached AED37.1 billion ($10.07 billion) in the first quarter of 2017, latest figures from the central bank show.

The UAE Central Bank said total money outflows grew by 1.1 percent compared to the same period last year.

Indian expats topped the list, sending a total AED12.95 billion ($3.5 billion) from the UAE and accounting for 34.9 percent of total remittances.

This was followed by Pakistani nationals accounting for 9.4 percent, and Filipinos at 7.3 percent during the first three months of the year.

Americans accounted for 5.4 percent, followed by Egyptians at 4.95 percent and Britons at 4.4 percent.

Money exchange companies handled around 75 percent of total remittances, (AED27.8 billion, or $7.5 billion) – an increase 2.7 percent from the same period last year – while banks handled 25 percent of remittances.

The Central Bank attributed the hike in remittances to a 2.2 percent rise in the average value of the Emirati dirham against other currencies compared to the first quarter 2016.

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