Two officials at two money-changers said the summer vacation period and the strength of the dirham against the rest of the currencies have contributed to an increase in remittances and currency changes over the past two months.
He explained that the increase ranged between 5 and 7% during that period, expecting that this growth will continue during the current month, which coincides with Eid al-Adha, as well as the continuation of the holiday season.
"The remittances rose by between 6 and 7 per cent during the past two months, and this period coincided with the start of the holiday period," said Al-Najjar, Assistant General Manager and Chief Operating Officer of Al Ansari Exchange. Al-Najjar said that the remittance activity and currency change, especially during the Eid al-Adha, With the summer vacation season continuing.
He explained that currency changes also increased during that period by between 5 and 7%, with increased demand for foreign currencies, especially the euro and the Canadian dollar. He pointed out that the rise in the value of the UAE dirham against foreign currencies such as the euro and the Canadian dollar also contributed to the rise in currency exchange operations from the dirham to those currencies.
"There has been an improvement in remittances and currency changes during the last period, supported by the strength of the dirham against the rest of the other currencies," said Osama Al Rahma, vice president of the group of banking and financial transfer institutions.
He explained that the growth during the past two months exceeded 5% in terms of remittances and currency change in the country, noting that the period of vacation and increased travel during that period also increased the activity of exchange companies.
The dirham gained 6.13% against the Chinese yuan in the first quarter of this year, rising 8.25% against the euro, 9.4% against the Indian rupee, 1.74% against the Japanese yen and 4.91% against the Korean won.