Abu Dhabi – Mubasher: Transfers by people working in the UAE increased 1.1%, reaching AED 400 million by the end of the first quarter in 2017, according to the Central Bank of the UAE.
Remittances stood at AED 37.1 billion ($10.09 billion) in Q1-17, compared to AED 36.6 billion in Q1-17, the bank’s statement showed.
The report attributed the increase to the 2.2% raise in the AED exchange rate, which encouraged foreigners to move more savings abroad.
Exchange companies acquire 75% of workers’ transfers, equivalent to AED 27.83 billion of the total transfers by the end of Q1-17, the report pointed out.
Banks obtained a 25% share with AED 9.27 billion.
Five countries acquire the biggest proportion of these transfers, led by India with 35% at AED 12.98 billion, followed by Pakistan with 9.4% at AED 3.48 billion, the Philippines with 7.3% at AED 2.7 billion, the US with 5.4% at AED 2 billion, and Egypt with 4.9% at AED 1.81 billion.
