UAE Exchange Temporarily Suspends New Transactions

The UAE Exchange has temporarily suspended any new transactions at all of its branches and its online platforms.

According to an e-mail statement, the temporary suspension is due to “certain operational challenges. The statement reads: “Due to certain operational challenges, we have temporarily suspended acceptance of any new transactions at UAE Exchange branches and via our online channels,”

The statement said that the Exchange is currently processing all existing transactions as soon as is possible and added that its customer service channels, as well as its branches, will remain open to support and attend to queries.

The UAE Exchange, subsidiary of London-listed Finablr, is owned by UAE-based Billionaire Dr. B.R. Shetty, who is embroiled in a financial scandal involving NMC Health

Finablr issued a statement recently saying that it would conduct an independent financial investigation into its own accounting books, in the aftermath of the financial crisis at NMC Health. According to a news report, the company said that it was facing a liquidity crunch at both group and operational business levels in the wake of the NMC Health scandal.

Expat remittances form a large chunk of the UAEs economy with remittances from the UAE having amounted to AED165 billion in 2019, as per figures released by the Central Bank of the United Arab Emirates.

According to the numbers, the last quarter of 2019 saw an increase of 1.8 per cent over the comparable period in 2018, with a 15.6 per cent transferred through banks and the rest via money exchange companies operating in the country.

India was the top receiving country for earnings made by expats, followed by Pakistani beneficiaries, Filipinos, Egyptians, UK nationals and Bangladeshis.

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