The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Abu Dhabi / WAM
Outward personal remittances during Q1 increased by 7.8% or AED3 billion from AED38.4 billion to AED 41.4 billion compared to same period of 2019, according to official figures released by UAE central bank on Wednesday.
“The outward personal remittances that were settled via banks rise by 16.9% or AED1.4 billion. Outward personal remittances that were settled through exchange houses registered a rise of 5.4% or AED1.6 billion, compared to same period of 2019,†the CBUAE said.
,†said the CBUAE Quarterly Economic Review.
The figures, including monthly data through March, provide evidence that, COVID-19 outbreak, did not affect the volume of personal funds transferred by expats 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 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).