UAE – Mubasher: The outward personal remittances from expats living in the UAE increased by AED 3.7 billion (9.2%) year-on-year (YoY) in the third quarter (Q3) of 2021, according to the quarterly economic review report by the Central Bank of the UAE (CBUAE).

The report noted that total outward remittances amounted to AED 43.8 billion in Q3-21.

Remittances transactions executed at banks rose by AED 5 billion (29.2%) in Q3-21, while transfers through exchange houses dropped by AED 1.3 billion (5.1%).

Accounting for 26% of the total outward remittances, India topped the list of destination countries for the UAE’s outward personal remittances in Q3-21, followed by Pakistan with 12.3%.

Meanwhile remittances to the US, the UK, and Philippines accounted for 6.6% each of the total.