728x90 AdSpace

Latest Article

Pakistan Ranks Second in Remittances Sent from UAE, India Tops the List


According to recent data from the Central Bank of UAE (CBUAE), Pakistan is among the top three countries receiving remittances from the United Arab Emirates (UAE). In 2022, India emerged as the leading recipient, becoming the first country to receive over $100 billion in overseas remittances in a year.

Pakistan has secured the second spot among the top recipients of remittances from the UAE, according to data from the Central Bank of UAE (CBUAE). In 2022, out of the total AED 145.7 billion sent overseas from the UAE, three countries accounted for the majority of the remittances: India, Pakistan, and the Philippines.

India led the pack by receiving AED 44.438 billion, which represents around 30.5% of all money sent abroad from the UAE. This figure positions the UAE as the second-largest source of remittances for India, following the United States. Pakistan received 12.2% of the remittances, amounting to AED 17.775 billion, while the Philippines secured the third position with 8.4% (AED 12.238 billion) of the remittances.

Remittances refer to funds sent by individuals living abroad to their families or friends back home. These financial transfers play a crucial role in supporting the economies of recipient countries.

Although the total amount of money sent abroad from the UAE experienced a slight decline of 1.4%, falling to AED 145.7 billion, the CBUAE's 2022 Financial Stability Report emphasized the UAE's resilient financial system, ready to support the local economy.

The majority of the remittances were categorized as personal remittances (AED 105.9 billion), followed by trade remittances (AED 28.5 billion), other remittances (AED 10.6 billion), and investment remittances (AED 0.7 million).

The UAE remains a significant source of remittances, with India emerging as the top recipient of funds sent from the country. Pakistan also ranks prominently, underscoring the vital role played by overseas remittances in supporting the local economy and families back home.

Pakistan Ranks Second in Remittances Sent from UAE, India Tops the List

  • Blogger Comments
  • Facebook Comments


Post a Comment