5 to 10%, the rate of growth of the money exchange and remittances sector in the UAE within two months

The money exchange and remittance sector in the UAE has maintained its activity since the beginning of the year 2020, and its growth rate during October and November ranged between 5 to 10% compared to the same period of 2019.

Mohamed Al-Ansari, Chairman of the Group of Banking and Financial Transfer Institutions, said that the growth rate recorded in the money exchange and remittance sector for individuals during October and November reflects the sector’s continuing to maintain good growth rates in its business, despite the slowdown in many economic sectors worldwide.

Al-Ansari expected - in a special statement to the Emirates News Agency "WAM" - an increase in the pace of money exchange and remittance sector activity in the country during the year 2021, with the support of some activities that will be organized in the UAE, foremost of which is the Dubai Expo, stressing that the return of movement to the tourism and travel sector will contribute In increasing exchange and remittance activity during the coming period.

Meanwhile, Al-Ansari stressed that regulating the work of unregistered hawala brokers comes within the framework of the Central Bank's continuous efforts aimed at increasing transparency in financial dealings and adherence to the relevant regulations.

He said that the transfers that take place through unregistered hawala brokers are low compared to the total of those made through licensed brokers.

It is noteworthy that the time limit granted by the Central Bank to unregistered hawala brokers in order to correct their situation and initiate registration in accordance with the system in force expires on December 2, after which the legal measures applied against violators will be taken by the Central Bank.

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