KHALEEJ TIMES, Thursday, Mar 26, 2020 | Shaaban 2, 1441
UAE Central Bank overseeing delayed remittances at UAE Exchange
The UAE Central Bank on Wednesday said that it is looking at the reasons for the
delay in remittances sent through the embattled UAE Exchange and confirmed that
a large number of funds remitted through the exchange have been settled.
The central bank asked the UAE Exchange customers whose funds have been delayed
to find out with their beneficiaries or the banks that they have been received.
The central bank's response comes in response to queries Khaleej
Times received after it took charge of the UAE Exchange's operations last
week. Some customers were concerned about the delays in their remittances due to
troubles at the company.
The apex bank took charge of operations last week after irregularities were
found at its parent company Finablr. The remittances and foreign exchange firm
has stopped new transactions through its branches and online platforms, with the
exception of the operation of Wage Protection System.
"The Central Bank of the UAE is actively overseeing a process of identifying
remittances which have been delayed at UAE Exchange Centre LLC. A large number
of remittances have already been settled successfully. Remitters should verify
with their beneficiaries or review their bank statements to verify whether funds
have already been received," the Central Bank said in a statement to Khaleej
The regulator assured that it will take necessary measures if the UAE Exchange
found to be violating applicable laws and Central Bank regulations.
"The Central Bank fully understands the concern and frustration customers may be
experiencing. Customers are requested to be patient and allow the process to run
its course. The Central Bank is presently looking at the root causes of the
delay, and will take the necessary measures if the UAE Exchange is found to be
violating the applicable laws and CBUAE regulations," it said.
UAE Exchange, which employs over 9,000 employees across 800 offices in over 40
countries, is keeping its branches open to support and attend to any customer
The UAE Exchange was a leading remittances firm in the UAE. According to UAE
Central Bank, total remittances from the UAE increased 1.8 per cent or Dh0.7
billion to Dh40.6 billion in the last quarter of 2019. Remittances through banks
declined 15.6 per cent or Dh1.5 billion while outward personal remittances that
were settled through the exchange houses registered an increase of 7.2 per cent
or Dh2.2 billion, compared to the same period of 2018.