Make MENAFN My Home Page
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

UAE Exchange remits $1.7bn in 2013  Join our daily free Newsletter

MENAFN - The Peninsula - 02/04/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - The Peninsula) #UAE Exchange, yesterday said it remitted 1.7bn from #Qatar in 2013, largely to South Asia, taking a share of over 12 percent of the total remittance outflows from the country, estimated at 13.8bn by the International Monetary Fund



The exchange said that growth in remittances from #Qatar was on a moderately upward trend, largely rising on the back of the renewed hiring of overseas workers by the country's private sector. In 2012, remittances through #UAE Exchange from #Qatar were to the tune of 1.4bn, while the total outflows as estimated by the #Qatar Central Bank were 13bn



"Most of the remittances from #Qatar were to India, followed by Philippines, Bangladesh, Pakistan, UAE, Nepal, Sri Lanka, Jordan, Lebanon, Indonesia," said Promoth Manghat, Vice President, Global Operations, #UAE Exchange. "The continuing infrastructure development and economic growth in #Qatar would in turn lead to higher remittance volumes from #Qatar in 2014," he added




GCC is estimated to have around 15 million migrant workers, with #Qatar having 1.4 million migrant workers. The six-nation bloc is the third largest hub of migration in the world. Anticipating growth, #UAE Exchange is also planning to expand its footprints and enhance its presence in Qatar. Currently, it has nine branches in #Qatar offering diverse remittance channels including bank transfers, instant money transfers, foreign currency exchange, bill payments and payroll solutions



Across the world, #UAE Exchange has 700 branches in 31 countries across five continents serving some 6.5 million customers. The remittance player has strong correspondent relationship with over 150 global banks across the world. "Out of the 414bn remittance flows to the developing world, #UAE Exchange has 6 percent market share handling 25bn," said Manghat

 
 


The Peninsula




Loading, Please wait....


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help