UAE expats remitted Dh79.6b in H1-2020
India, the Philippines, Pakistan, Bangladesh, Egypt, and US are top beneficiaries
Dubai: Expats' remittances from the UAE amounted to AED79.6 billion in H1-2020, according to figures released by the Central Bank of the UAE.
These account for 48.2 percent of the total money transferred by foreign residents in the country during 2019, which totaled Dh165 bn.
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Q1 saw the transfer of Dh41.4 bn while Dh38.2 bn was remitted in the second quarter, with 76 per cent the total transferred via money exchange companies operating in the country and the rest through banks.
India took home the crown as the top-receiving country for earnings made by expats, followed by the Philippines, Pakistan, Bangladesh, Egypt, and the US.
Term deposits
The 6-12 month term deposits in the UAE grew by Dh22.8 billion, or 13 per cent, during the first seven months of the year, according to the statistics of the Central Bank of the UAE, which put their current cumulative balance at Dh199 billion, accounting for about 20.5 per cent of the total value term deposits at UAE banks by the end of July.
The growth is attributed to a rising demand over this type of deposits due to their higher returns in comparison with other investment vehicles.
According to CBUAE's figures, the month of May saw these deposits go down to Dh160.87 billion before rising to Dh199 billion by the end of July from Dh180 billion in Q1 and Dh176.23 billion in Q4-2019.