Picture for illustration purposes only.
PHOTO BY ARCHIVE
ABU DHABI – India was the leading destination for outward personal remittances from the UAE during 2018, according to figures included in the annual report of the UAE Central Bank, released this week.
An analysis of the Central Bank report showed that 38.1 percent of the total outflow of Dh169.2 billion had gone to India.
The Central Bank report noted that this was “in accordance with the significant share of expats from India working in the UAE and the depreciation of the Indian rupee against the dirham.”
India was followed as a destination by Pakistan (9.5 percent), the Philippines (7.2 percent), Egypt (5.3 percent), the US (3.9 percent) and the UK (3.7 percent).
Total remittances in 2018 were Dh4.8 billion, or 3 percent, higher than the 2017 figure of Dh164.4 billion. Remittances in 2016 were Dh160.8 billion.
Money remitted through exchange houses increased by 6 percent from Dh121.6 billion in 2017 to Dh128.9 billion last year, while the amount sent through banks decreased by 5.6 percent from Dh42.7 billion to Dh40.3 billion. WAM
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