Khaleejimes.com reported that remittances from the UAE are on track to record 15% growth in 2012 to USD 12.87 billion, surpassing the overall GCC growth rate in outflows at 12.57%.

Mr Y Sudhir Kumar Shetty COO of Global Operations, UAE Exchange, said that while remittances from the UAE are estimated to rise from USD 11.19 billion to USD 12.874 billion in 2012, money transferred by expatriates from across the GCC rose to USD 82.96 billion from USD 73.69 billion.

India, given the strong population of its nationals working in the region, retained its rank as the number one recipient of remittances from the region.

In worldwide remittances too, India with an expatriate population of over 20 million across the globe, maintained its lead by accounting for USD 70 billion.

Mr Shetty said that “Money remitted by foreign workers in the GCC to India, at an estimated USD 30 billion, accounts for a bulk of this transaction in 2012. Our estimates suggest that inflows into Indian recorded a 15% growth in 2012, mainly due to a steep depreciation of up to 18% in the rupee value.”

He said that another reason for the record outflow of remittances to India was the attractive interest rates and other investments schemes offered by Indian banks.

According to the latest issue of the Bank’s Migration and Development Brief, worldwide remittances, including those to high-income countries, are expected to total USD 534 billion in 2012, and projected to grow to USD 685 billion in 2015.