São Paulo – Remittances from the UAE by expatriate workers were up 17.3% year-on-year in Q1, news website Gulf Business reported.
Remittances climbed AED 6.5 billion (USD 1.7 billion) to AED 43.5 billion (USD 11.8 billion), up from AED 37.1 billion (USD 10 billion) during Q1 2017.
The UAE Central Bank reported that 71% of remittances were made via exchange houses, with banks accounting for the remaining 29%. Transfers by Indians accounted for 36.7% of total remittances, with Pakistanis accounting for 8.8% and Filipinos by 6.9%.
In the whole of 2017, expat remittances from the UAE came out to AED 164.3 billion (USD 44.7 billion) up 2.2% from 2016.
Translated by Gabriel Pomerancblum