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Remittances out of the UAE during Q1 2020 up by 7.8%

June 11, 2020
The figures, including monthly data through March, provide evidence that the coronavirus outbreak, did not affect the volume of personal funds transferred by the expatriates and UAE nationals abroad thus far in the first quarter of 2020, the report noted. — Courtesy photo
The figures, including monthly data through March, provide evidence that the coronavirus outbreak, did not affect the volume of personal funds transferred by the expatriates and UAE nationals abroad thus far in the first quarter of 2020, the report noted. — Courtesy photo

Saudi Gazette report

ABU DHABI — Outward personal remittances from the United Arab Emirates increased in the first quarter of 2020 by 7.8 percent or AED3 billion ($816, 78 million) from AED38.4 billion to AED 41.4 billion compared to the same period of 2019, according to official figures released by the country’s central bank on Wednesday.

''The outward personal remittances that were settled through the banks increased by 16.9 percent or AED1.4 billion. Meanwhile, the outward personal remittances that were settled through the exchange houses registered an increase of 5.4 percent or AED1.6 billion, compared to the same period of 2019,'' the state news agency WAM reported citing the central bank’s quarterly economic review.

The figures, including monthly data through March, provide evidence that the coronavirus outbreak, did not affect the volume of personal funds transferred by the expatriates and UAE nationals abroad thus far in the first quarter of 2020, the report noted.

The top five destination countries for outward personal remittances during January-March 2020 were India (37.8 percent), Pakistan (11.4 percent), Philippines (7.0 percent), Egypt (6.6 percent), and the USA (3.6 percent). With the exception of the Philippines, which in contrast saw a decrease by 3.6 percent, outward personal remittances to these countries increased by 20.8 percent (Pakistan), 18.7 percent (Egypt), 15.2 percent (USA), and 9.1 percent (India).


June 11, 2020
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