(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
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