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KHALEEJ TIMES, Thursday, Mar 26, 2020 | Shaaban 2, 1441

UAE Central Bank overseeing delayed remittances at UAE Exchange

Emirates: 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 Times.

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 queries.

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.

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