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According to a recent World Bank report, India received the largest amount in remittances ($69 billion) out of which 10% was via UAE Exchange.
UAE Exchange’s growth rate in the global volumes was 15% in 2012 compared to global growth rate of 5%.
Promoth Manghat, Vice President - Global Operations, UAE Exchange, says, “India is an important market for us. Last year we remitted over $5.8 billion only through our GCC corridor to India.
Non-resident external deposits in India went up to 9.2% in recent months, driven by an 18% decline in the value of Indian rupee that helped drive remittance into India, while attractive interest rate on external deposits did the rest. We plan to increase our remittance inflows to India in the coming year by 8 to 10%.”
UAE Exchange expects to grow globally by 12 to 15% in the coming year as a large number of its clientele are migrant workers, who work in the GCC market and growing its presence internationally in US, Europe and other parts of Asia.
About 65% of these migrants are Indians. The workers in the GCC remit money to India on a regular basis, amounting to about $32 billion on an average.
