ABU DHABI — Expats' remittances from the United Arab Emirates amounted to 79.6 billion dirhams ($21.7 billion approximately) in the first half of 2020 despite the global outbreak of the coronavirus pandemic, according to figures released by the country's central bank. The remittances account for 48.2 percent of the total money transferred by foreign residents in the country during 2019, which amounted to 165 billion dirhams. The first quarter of 2020 saw the transfer of 41.4 billion dirhams while 38.2 billion was remitted in the second quarter. According to the central bank, 76 percent of the total money was remitted through money exchange companies operating in the country and the rest was done through banks. India took home the crown as the top receiving country for earnings made by expatriates, followed by the Philippines, Pakistan, Bangladesh, Egypt, and the United States. In an unrelated development, the UAE's central bank said that the 6-12 month term deposits grew by 22.8 billion dirhams, or 13 percent, during the first seven months of the year, which will put their current cumulative balance at AED199 billion dirhams, accounting for about 20.5 percent of the total value term deposits at UAE banks by the end of July. The growth is attributed to the rising demand for this type of deposits due to their higher returns in comparison with other investment vehicles. According to the central bank's figures, the month of May saw these deposits go down to 160.87 billion dirhams before rising to 199 billion dirhams by the end of July from 180 billion dirhams in the first quarter of this year and 176.23 billion dirhams in the fourth quarter of 2019. National banks hold 91 percent, or 181.3 billion dirhams, of these deposits, according to the statistics.
