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Remittances from UAE record AED AED 38.2bn in Q2-20

Remittances from UAE record AED AED 38.2bn in Q2-20
The remittances through banking system grew by AED 0.3 billion

UAE - Mubasher: The value of foreign workers' remittances from the UAE decreased by 10.3% to AED 38.2 billion in the second quarter (Q2) of 2020, compared to AED 42.6 billion in the same period of 2019, according to the quarterly review of the Central Bank of the UAE (CBUAE).

The outward remittances that were settled through exchange houses reduced by AED 4.6 billion to AED 28.4 billion in Q2-20, when compared to AED 33 billion in the corresponding period of 2019.

Through the banking system, the remittances grew by AED 0.3 billion to AED 9.8 billion in the April-June period of 2020, compared to AED 9.5 billion in Q2-19.

Accounting for 34.3% of the total outward remittances, India topped the list of destination countries for outward personal remittances in Q2-20, followed by Pakistan with 13% and Egypt with 6.4%.