In conjunction with the activity of the currency exchange and purchase market

10% growth in remittances during August

  • 70% of the exchange companies' activity in the summer is focused on buying and exchanging currencies.

    Photography: Mustafa Qasimi

  • Muhammad Al-Ansari: "The movement's return to activities contributed to the restoration of the remittance market activity."

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The remittance sector in the UAE witnessed a growth of 10% last August, compared to the same month of 2019, in conjunction with activity in the market of buying and exchanging foreign currencies through exchange companies operating in the country.

The Chairman of the Board of Directors of the Banking and Financial Transfer Institutions Group and the CEO of Al-Ansari Exchange Company, Muhammad Al-Ansari, said that the movement's return to activities in the country to the situation that preceded the circumstances imposed by the "Covid-19" pandemic of temporary closures contributed to the restoration of the remittances market to its activity.

Al-Ansari explained that 70% of the activity of exchange companies is concentrated during the summer on the purchase and exchange of foreign currencies, which witnessed growth during August of this year, especially after the return of airports to work, and the start of the movement of departures and arrivals, although it is still within a limited range.

The movement of activity in the currency exchange and purchase market is usually linked to the tourism and travel movement, which began to restore its activity during the past two months, after the return of airlines to gradually resume their flights to a number of countries.

The demand on the foreign exchange market declined by more than 65% during April of this year, according to companies operating in the exchange sector, as a result of the precautionary health measures taken by the state.

However, the sector began to recover its activity again during June of the same year.

It is noteworthy that about 200 nationalities from all countries operate in the UAE, which constitutes a catalyst for the foreign exchange market in the country, which is also a source of remittances, which are mostly made through exchange companies.

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