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Central Bank refunds expats who lost money from exchange house

The UAE Central Bank is refunding to expats their remittance to a money exchange house that was ordered closed amid complaints from customers.

Indian national S. Sanjeev, one of Smart Exchange’s customers, said he received a full refund after accomplishing a refund form.

Sanjeev remitted over Dh2,000 for his child’s school fees in India.

On May 31, the Central Bank ordered the closure of Smart Exchange after customers complained of delayed remittance by the latter.

Customers remitted varied amounts from Dh1,000 to Dh50,000 through Smart Exchange, according to reports.

The Central Bank and Abu Dhabi Judicial Department formed a committee to investigate the delay in remittance.

Smart Exchange operates with six branches in the UAE.

Photo Credit: Samaa

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