145.7 billion dirhams, transfers issued by exchange offices, 2022

• India is the largest remittance recipient with Dh43.7 billion followed by Pakistan with Dh17.8 billion.

Dubai: Anwar Dawood

According to the Central Bank’s 2022 report, transfers issued through exchange offices reached 145.7 billion dirhams in 2022.

According to the report, outbound transfers were mainly personal transfers worth 105.9 billion dirhams, followed by business transfers worth 28.5 billion dirhams, other transfers worth 10.6 billion dirhams and investment transfers worth 0.7 billion. billion dirhams.

The report mentions the top three countries of remittances from the UAE, India accounting for 30.5% of the total, equal to 43.7 billion dirhams, followed by Pakistan with a 12.2% share, equal to 17.77 billion dirhams, followed by the Philippines with 8.4%, equal to 12.2 billion dirhams.

On the other hand, transfers through exchange offices increased by 23% to reach 25.3 billion dirhams in 2022. The largest incoming transfers were business transfers worth Dh13.4 billion, followed by personal transfers worth Dh6.5 billion, and other transfers worth Dh4.8 billion. and investment transfers worth 0.6 billion dirhams.

The three largest countries for domestic remittances are Oman, with 29.7% of the total, Kuwait with 14.4% and Jordan with 6.2%.

According to the report, the exchange sector increased its net profit to 0.8 billion dirhams, driven by an increase in income from core operations and a decrease in total expenses during the year.

The central bank oversees 84 exchange firms licensed in the UAE until the end of 2022. As the UAE economy continued to recover in 2022, the exchange business sector remained profitable, driven by an increase in exchanges and foreign exchange activity. The central bank was aware of the operational landscape and strengthened its oversight of exchange houses throughout the year.