Media ININ Economy We Trust
Media IN Abu-Dhabi 31st-05-2019
UAE remittances grew 3% or Dh4.8 billion to Dh169.2 billion in 2018, as compared to Dh164.4 billion in the previous year with more residents remitting money through exchange houses than banking channels.
The UAE Central Bank’s 2018 annual report released on Tuesday shows that the outward personal remittances that were settled through the banks decreased from Dh42.7 billion in 2017 to Dh40.3 billion in 2018, declining by 5.6 per cent or Dh2.4 billion. Meanwhile, remittances sent through the exchange houses totalled Dh128.9 billion, an increase of 6% or Dh7.3 billion when compared to 2017.
India continued to remain the top destination for remittances due to depreciation in rupee’s value against dirham and a large number of non-resident Indians working in the Emirates. 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), The National reported.
A World Bank report in April had said that India retained its position as the world’s top recipient of remittances with overseas Indians sending a whopping $79 billion back home in 2018. Global remittances, which include flows to high-income countries, reached $689 billion in 2018, up from $633 billion in 2017.
The central bank data revealed that national banks increased their workforce but foreign banks laid off more employees last year.
The number of bank employees for national banks increased by 1,910 from 29,056 in 2017 to 30,966 employees at the end of 2018. For the foreign banks, it declined 1,678 from 7,311 in 2017 to 5,633 employees at the end of 2018, mainly due to consolidation in banking activity and increased efficiency.
