UAE remittances decline due to slow down in employment | ZAWYA MENA Edition:
Remittances from the UAE fell nearly eight per cent in the first-half of 2019 as both the quarters saw a decline due to a slowdown in employment, official data showed.
Central Bank data revealed that remittances fell from Dh87.92 billion in H1 2018 to Dh80.96 billion in the corresponding period this year. First-quarter remittances fell from Dh43.5 billion to Dh38.4 billion while second-quarter saw remittance declining from Dh44.42 billion to Dh42.55 billion.
"The annual growth rate of outward personal remittances during April-June 2019 was recorded at negative 4.2 per cent, a significant reduction compared to the growth for the same period in 2018 of 8.8 per cent. The slowdown in outward personal remittances is in line with the slowdown in employment," The Central Bank said.
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