Saturday 16 October 2021 - 3:19:18 am

Outward personal remittances during Q1 2020 up by 7.8%: CBUAE


ABU DHABI, 10th June, 2020 (WAM) -- Outward personal remittances during Q1 2020, outward personal remittances increased by 7.8 percent or AED3 billion from AED38.4 billion to AED 41.4 billion compared to the same period of 2019, according to official figures released by the UAE Central Bank today.

''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,'' 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).

WAM/Tariq alfaham/Nour Salman