UAE sees foreign remittances increase 13.1% in H1

The UAE saw foreign remittances surge 13.1 per cent in the first half of the year to Dhs88bn ($23.95bn), according to the central bank.

The increase from Dhs77.8bn during the same period last year followed a 17.3 per cent surge in transfers in the first quarter.

Read: UAE first quarter remittances surge 17.3%

Remittances in the second quarter increased 8.8 per cent to Dhs44.4bn ($12bn).

Of this, exchange companies transferred Dhs34.8bn and banks Dhs9.6bn.

Indians accounted for 39.6 per cent of second quarter transfers, Pakistanis 8.5 per cent, Filipinos 7.1 per cent, Egyptians 5.4 per cent, Americans 4.4 per cent, Britons 3.8 per cent, Bangladeshis 3.6 per cent and Jordanians 2.6 per cent.

Americans accounted for 4.9 per cent, Britons 3.8 per cent, Bangladeshi nationals 3.6 per cent and Jordanians 2.6 per cent

The central bank also cuts its UAE growth forecast on Wednesday to 2.3 per cent after increasing it to 2.7 per cent in the first quarter.

Read: UAE central bank cuts 2018 GDP growth forecast to 2.3%