Connect with us

Economy

Indian Expats Lead Remittances From The UAE; Pakistan, Philippines Trail

Published

on

India expats in the UAE remitted a total of Dh17.32 billion accounting for nearly 39% of total remittances in the second quarter of this year. There are over 2 million Indian expats living in the UAE, which is about 27% of UAE’s total population. India expats were distantly followed by Pakistan and the Philippines according to Khaleej Times.

Remittances by expats in the UAE climbed to 13.1% to Dh88 billion from Dh77.8 billion during the same 2017 period as the dollar-pegged dirham relentlessly. The three-month period saw a jump of 8.8% in transfers to Dh44.4 billion as against Dh40.7 billion during the same period last year, data from the Central Bank of the UAE data shows.

Other top recipient countries in the second quarter included Pakistan, which received 8.5% or Dh3.55 billion of total remittances; the Philippines, accounting for 7.1% or Dh3.15 billion; Egypt, with a share of 5.4% or Dh2.4 billion; the US, making up 4.9% or Dh1.95 billion; the UK with 3.8%; and Bangladesh with approximately 2.6%.

“Most of the expatriates in the UAE are from South Asian countries, where currencies get weaker against the dollar. Since the UAE dirham is pegged to the USD, it stands strong and steady, enabling expatriates to send more money home.

“Currency fluctuations have contributed to the hike in remittances out of the UAE in the first half of the year. Adding to it, there has been a spurt in economic activity in the region, which has allowed greater employment opportunities for expats, when compared to the previous year. All these factors and more have helped expats transfer more money to their home country.

According to the Reserve Bank of India, the UAE has emerged as the top source of remittances to India, while Kerala has been the top recipient of funds sent from abroad. The UAE’s share in total remittances to India, world’s top remittance recipient nation, was 26.9% followed by the United States 22.9%, Saudi Arabia 11.6% and Kuwait 5.5%.

In 2017, India retained the position as the world’s number one recipient of remittances with its diaspora sending about $69 billion back home last year, according to the World Bank. According to the World Bank, in 2018, global remittances are expected to continue to increase by 4.1 per cent to reach $485 billion.

More News at EurAsian Times

Advertisement
Advertisement

Facebook

FEATURED

US-CHINA-INDIA-JAPAN US-CHINA-INDIA-JAPAN
Americas3 hours ago

US Deploys Its First ‘Space Force Squadron’ Outside Country In The Middle-East

US’ newest Space Force, a dedicated military wing to carry out futuristic warfare is now getting serious about its organizational...

j20-vs-tejas j20-vs-tejas
Featured5 hours ago

Six Chinese (PLAAF) Fighters Dangerously Surround Taiwanese Jets To Shoot It Down?

Amidst heightening tensions in the South China Sea that have seen Chinese warplanes repeatedly breach Taiwan’s airspace, recent reports claimed...

Pakistan-Jet Pakistan-Jet
Europe6 hours ago

MiG-21s Again Come Face-To-Face Against F-16s At Thracian Viper 2020 Drills

One of the biggest international air force exercise, Thracian Viper 2020, is taking place in Bulgaria with a host of...

CORONAVIRUS CORONAVIRUS
Featured6 hours ago

Japanese Firm Invents UV Lamp That Can Kill Coronavirus

A Japanese firm has invented an ultraviolet lamp that can disinfect enclosed spaces and kill the coronavirus without harming human...

Rafale-Typhoon Rafale-Typhoon
Featured8 hours ago

‘Neutral’ & ‘Unsure’: Switzerland To Vote On Upgrading Its Air Force As Rafales, Typhoons & F-35s Vie For Business

The people of Switzerland are set to vote on a proposal on September 27, for replacing its ageing fleet of...

rafale-jets rafale-jets
Featured8 hours ago

More Rafales On The Way: Amid China Tensions, India Aims For Complete Air Dominance With 2nd Batch Of Rafale Jets

As the new Rafale jets make a wild card appearance over the skies of Ladakh, more of these advanced 4.5...

Trump-Putin-Meeting Trump-Putin-Meeting
Americas12 hours ago

Donald Trump Is Extremely Pro-Putin & Anti-NATO; Pentagon The Opposite: NATO Expert

The US is following a slightly ‘schizophrenic policy’ towards Europe and NATO, says Robert Dalsjö at FOI (Swedish Defense Research...

ARMY-INDIA ARMY-INDIA
Featured13 hours ago

Chinese PLA Soldiers Gearing-Up For Harsh ‘Ladakhi’ Winters As India-China Talks Hit The Wall

Representatives from India and China held border talks to amicably diffuse escalating tensions in Ladakh on Monday (September 21). The...

putin-russia putin-russia
Featured22 hours ago

US Could Eliminate Russian President Vladimir Putin If Washington Had Its Way – Israeli Expert

A civil war is already underway in the United States. This was stated by an Israeli expert, former head of...

Iran-Missiles Iran-Missiles
Featured23 hours ago

US Sanctioning Iran’s Defense Department Including The Ministry

The US announced on Monday that is sanctioning a wide swathe of Iran’s defense industry, including its ministry, in a...

Advertisement