The transfers through exchange houses retreated by $1.88bln
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.
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