ABU DHAB 8 May 2017: Money outflows from the UAE remain on a positive growth track with total remittances hitting Dh37.1 billion in the Q1 2017, a growth of 1.1 per cent from the same period last year, UAE Central Bank stated on Sunday.
Indian expats top the list sending a total cash of Dh12.95 billion, accounting for 34.9 per cent of total remittances, followed by Pakistani nationals accounting for 9.4 per cent, then Filipinos at 7.3 per cent during the first three months of the year.
Americans account for 5.4 per cent, followed by Egyptians at 4.95 per cent and Britons at 4.4 per cent.
Up to 75 percent of total remittances, amounting to Dh27.8 billion, were conducted through money exchange companies during the first quarter of the year, a growth of 2.7 per cent from the same period last year, while 25 per cent thereof was done through banks.
The Central Bank attributed the hike in remittances to 2.2 per cent in the average value of UAE Dirham against other currencies comparatively with the same period last year.
By Angel Chan