Outward personal remittances during the first quarter increased by 7.8 per cent to Dh41.4 billion from Dh38.4 billion last year, according to official figures released by the UAE Central Bank today.
 
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 US (3.6 percent).
 
''The outward personal remittances that were settled through the banks increased by 16.9 percent or Dh1.4 billion. Meanwhile, the outward personal remittances that were settled through the exchange houses registered an increase of 5.4 percent or Dh1.6 billion, compared to the same period of 2019,'' said the CBUAE Quarterly Economic Review.
 
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).
 
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 added.-TradeArabia News Service

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