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Wed 10 Jun 2020 03:43 PM

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UAE expat remittances reach $11.3bn in Q1 despite onset of coronavirus

India was the top destination for the first quarter, followed by Pakistan and the Philippines

UAE expat remittances reach $11.3bn in Q1 despite onset of coronavirus

Personal remittances from the UAE to the US increased by 15.2 percent in the first quarter of 2020.

The amount of money sent home by workers from the UAE increased by 7.8 percent, from AED38.4 billion ($10.5bn) to AED 41.4bn ($11.3bn), in the first quarter of the year, according to figures released by the UAE Central Bank.

''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 AED1.6bn ($435.7m), compared to the same period of 2019,'' said the CBUAE Quarterly Economic Review.

Figures included the second half of March, when the economic impact of the coronavirus impact began to bite.

The top five destination countries for outward personal remittances during the three-month period were India (37.8 percent), Pakistan (11.4 percent), Philippines (7 percent), Egypt (6.6 percent), and the USA (3.6 percent).

With the exception of the 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).

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