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FINANCIAL NEWS
Total growth on UAE’s foreign workers’ funds
30 Sep 2017
(MENAFN) The total value of transfer of funds by foreign workers in the UAE reached some Dh78 billion (USD21.2 billion) during the first half of 2017, representing 48.5 per cent of the total balance of payments in the country in the year 2016 of Dh160.8 billion.
The UAE Central Bank announced that the same figure reached Dh40.8 billion during the second quarter of 2017, an estimated increase of 10 per cent, compared to Dh37.1 billion in the first quarter of the same year, reported Wam, the official Emirates news agency.
According to the bank’s data, Dh31.4 billion, or 77 per cent of the total of remittances of foreign workers in the country, were transferred through money exchange companies during the second quarter of the year, while 23 per cent, or Dh9.4 billion, were converted through banks.
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