The net losses of Emirates financing companies reached AED 978.6 million last year against a loss of AED 904.2 million in 2019, according to the recent US Central Banking Stability Report. Last, where he continued to rise to income (75.2%), as well as high losses resulting from the pandemic in pressure on financing companies.
According to Arabs, the exchange sector incurred a net loss of AED 185 million in 2020, as a result of the significant decrease in the basic income during the Corona pandemic, compared to AED 665 million in previous year 2019, according to the UAE newspaper.
The basic income of exchange companies fell 31.2% as a result of pandemic consequences that affected the basic activities of these companies.
Transfers via exchange companies fell by about 20% in 2020, and foreign exchange income fell less than half of the previous year 2019.
The total remittances issued by exchange offices last year amounted to 154.5 billion dirhams, with AED 113 billion and trade transfers amounted to AED 29.9 billion and investment of 1.15 billion dirhams.
