Workers send home $10 billion from UAE

The value of money sent home by foreign workers in the UAE is rising, a positive indicator for the country’s economy.

Workers sent home 37 billion dirhams ($10 billion) in the first quarter of the year, according to the UAE Central Bank, a rise of more than 1% compared with the same period in 2016.

“The central bank attributed the hike in remittances to 2.2% in the average value of UAE dirham against other currencies comparatively with the same period last year,” said state media.

Indians accounted for more than a third (35%) of the remittances by value, followed by Pakistanis with 9.4% and Filipinos with 7.3%.

Three-quarters of remittances were sent through money exchange services, while banks accounted for the other quarter.

©2017 funds global mena

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