Abu Dhabi – The UAE recorded a 7.7% decline in outward personal remittances to AED 40.1 billion during the third quarter (Q3) of 2020, compared to AED 43.4 billion in the same period of 2019.

The outward personal remittances settled through exchange houses accounted for 70% of the total remittances, followed by the UAE banks, according the quarterly economic review of the Central Bank of the UAE (CBUAE).

The transfers through exchange houses retreated by AED 6.9 billion, while outward remittances through banks rose by AED 3.6 billion.

India topped the remittance recipient list for outward personal remittances from the UAE with AED 12.4 billion, representing 30.8% of the total remittances.

It is noteworthy to mention that during the second quarter (Q2) of 2020, the outward personal remittances from the UAE decreased by 10.3% to AED 38.2 billion, compared to AED 42.6 billion in the year-ago period.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.