Dubai, May 11 (PTI) The UAE's expatriate employees remitted 11 per cent more dirhams in 2010 that they did in 2009, official data has revealed.
According to the Central Bank of UAE's annual report, employees' transfers abroad (remittances) increased from USD 9.5 billion (35 billion dirhams) in 2009 to USD 10.5 billion (38.8 billion dirhams) in 2010, an increase of 10.8 per cent.
According to a news report quoting UAE Central Bank figures, one reason for the growth in outward remittances during a year that saw continued uncertainty amid job losses and no noteworthy salary hikes for employees in the country could be the slide of the US dollar, to which the dirham is pegged.
A decline in the dollar against one's target currency means that one would have to send more dirhams to remit the same amount of home currency.
While the US dollar fell 7.