The UAE Central Bank has released a report according to which the total value of remittances by international workers in the Emirate reached some Dh78 billion (US$ 21.2 billion) during the first six months of 2017. It represented nearly half of the total balance of payments in the country in 2016, estimated at Dh 160.8 billion.
According to the bank, the same figure reached Dh 40.8 billion during the second quarter of this year, a 10% increase compared to the Dh 37.1 billion in the first quarter in 2017.
The statistics have shown that 77% of the international workers preferred to transfer their money via exchange companies, while only 23% used banking services. The report also showed that Indian workers continued to lead the first place as a most active nationality regarding remittances. Their transfers reached Dh14.64 billion or nearly 35.9 % fo the total value of transactions during the second quarter of 2017. The workers from Pakistan took the second position with 9.6% of the transfers, valued at Dh 3.91 billion. The Philipino workers remained third with 7.1% of the remittances, estimated at Dh 2.12 billion.
As far as the British workers are concerned, their transactions reached Dh 1.7 billion, a little above the numbers of the Bangladeshi workers, Dh 1.63 billion. The Swiss and Lebanese workers managed to transmit Dh 775 million each.
According to the official governmental data, more than 82% of the number of foreign workers registered in the UAE, are coming from Asian countries. They accounted for a total value of international remittances of nearly Dh 23 billion, or 56.3 %, during the second quarter of this year.