Cash remittances from UAE estimated to have reached Dh77 billion in 2016
Dubai: Money flows from the UAE continued to increase in 2016 despite weak economic growth and low oil prices, transfer operators reported.
According to UAE Exchange and Xpress Money, the volume of outgoing cash transfers went up by 10 per cent to 12 per cent last year compared to 2015, with Arab countries also registering an increase in received funds.
Operators would not disclose the total value of money transferred from the UAE, although previous World Bank estimates indicated that the annual figure could reach Dh70 billion in one year, one of the largest in the world.
India emerged as the number one beneficiary of financial flows in 2016, as remittances saw significant spikes during special occasions and...Read more...