UAE expat remittances climb to $12.87bn
- United Arab Emirates: Thursday, January 03 - 2013 at 06:47
UAE Exchange has said remittances from the country rose 15% in 2012 to $12.87bn, exceeding the overall GCC growth rate in outflows at 12.57%, Khaleej Times has reported. While remittances from the UAE are estimated to increase from $11.19bn to $12.874bn in 2012, money transferred by expatriates from across the GCC rose to $82.96bn from $73.69bn, said Y Sudhir Kumar Shetty, chief operating officer, Global Operations, UAE Exchange. India retained its rank as the number one recipient of remittances from the region. "Money remitted by foreign workers in the GCC to India, at an estimated $30bn, accounts for a bulk of this transaction in 2012," said Shetty. "Our estimates suggest that inflows into India recorded a 15% growth in 2012, mainly due to a steep depreciation of up to 18% in the rupee value," he added.
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