India, Pakistan, and the Philippines claim half of UAE remittances

India, Pakistan, and the Philippines claim half of UAE remittances

India, Pakistan, and the Philippines accounted for more than 50 per cent of the total Dh145.7 billion in outward remittances from the UAE in 2022, according to data provided by the Central Bank of UAE (CBUAE). India, which in 2022 became the first country in the world to post annual overseas remittances crossing the $100-billion mark as per the World Bank data, received Dh44.438 billion, accounting for 30.5 per cent of the total remittances from the UAE through exchange houses. This makes UAE the second largest remittance source for India after the US with a share of 12.17 per cent of the total global remittance the South Asian nation received last year. Remittance to Pakistan accounted for 12.2 per cent at Dh17.775 billion, with the Philippines coming third with 8.4 per cent share at Dh12.238 billion. According to the World Bank, private remittances or transfers of money from NRI to friends and relatives in India crossed the $100 billion threshold in 2022, with a year-on-year growth of 12 per cent. India has retained the tag of top remittances destination slot in FY23, which it claimed from China in FY21. The CBUAE noted in its Financial Stability Report 2022 that outward