“Central”: “Personality” topped it, acquiring 72.9% of it

147.8 billion dirhams of transfers outside the country during 2021

  • The high value of internal remittances is due to the strength of the commercial sector.

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  • Amjad Nasr: "The high value of foreign remittances is due to the high level of salaries and the presence of a large number of foreign workers."

  • Internal remittances rose 15.7% last year.

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The Central Bank revealed that the total remittances abroad through exchange companies operating in the country amounted to 147.8 billion dirhams during the past year.

The Central Bank clarified in a report issued yesterday that personal remittances came in the first place, with a value of 107.8 billion dirhams, accounting for 72.9% of the total remittances, followed by commercial remittances, with a value of 26.4 billion dirhams, or 17.9% of the total remittances. Remittances related to investment and other remittances 13.6 billion dirhams, constituting 9.2% of the total foreign remittances.

The Central Bank pointed out that remittances outside the country recorded a decrease of 4.3% during 2021 compared to 2020, due to the repercussions resulting from the Corona pandemic.

At the same time, the Central Bank indicated that internal remittances through exchange companies amounted to 20.6 billion dirhams during the past year, an increase of 15.7% compared to 2020.

According to the “Central” report, commercial remittances came at the top of these remittances, with a value of 9.2 billion dirhams, or 44.7% of the total internal transfers, followed by personal family transfers with a value of 6.1 billion dirhams, or 29.6% of the total, while the value of investment and other transfers amounted to 5.3 billion Dirhams accounted for 25.7% of the total transfers within the country.

Commenting on, the banker, Amjad Nasr, said that the high value of foreign remittances can be explained in light of the high levels of salaries in the country and the presence of a large number of expatriate foreign workers working in the country, noting that these workers have financial obligations and financial investments in their countries.

Nasr added to "Emirates Today", that the decline in remittances due to the pandemic is a natural matter in light of the effects it has on the economies of various countries of the world, not only the Emirates, especially with regard to the loss of some workers for their jobs, the reduction of employee salaries and the lack of employment in general during the pandemic.

He explained that although a large part of the transfers abroad come from employees’ salaries, there is a tangible aspect of them related to companies investing inside the country, as these companies make transfers to purchase goods, products and services from outside the country, as well as transferring part of the investment return to their countries of origin.

Nasr indicated that the increase in the value of internal remittances and their concentration on commercial remittances, which accounted for 44.7% of their value, is due to the strength of the commercial sector and the continuation of its strong activity, despite the pandemic, especially with regard to e-commerce and electronic payments that witnessed a significant boost during the pandemic, which was encouraged by the presence of a structure Strong digital in the country and the presence of branches of exchange companies in the various emirates of the country and their good prices, in addition to other transfers to meet family needs and cover the expenses and expenses of students residing in the country and the needs of companies investing in the Emirates.

Nasr pointed out that the services provided by exchange companies are not only limited to money transfer, especially large companies, but rather have many channels to receive and transfer money, especially with regard to e-commerce and government payment channels for services, which are channels that have been greatly enhanced during the pandemic.

• Commercial remittances came on top of internal remittances with a value of 9.2 billion dirhams.


• 15.7% increase in internal transfers through exchange companies operating in the country.

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