The Philippines took the second spot in the ranks of top-receiving countries on remittances during the first six months of 2020.
Data from the Central Bank of the United Arab Emirates (CBUAE) reveal that expats’ remittances from the UAE amounted to AED79.6 billion in H1-2020.
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These account for 48.2 percent of the total money transferred by foreign residents in the country during 2019, which totaled AED165B.
The first quarter (Q1) of 2020 saw the transfer of AED41.4 bn while AED38.2 bn was remitted in the second quarter.
India has maintained the top spot in receiving countries, with Pakistan in third place. This is followed by Bangladesh, Egypt and the USA.
Around 76 percent of the total remittances were transferred via money exchange companies operating in the country and the rest were transferred through banks.