«Al Ansari Exchange»: the decline in the prices of 6 foreign currencies against the dirham

The strength of the dirham and the decline of some currencies constituted an ideal opportunity for residents to transfer money

  • Al-Ansari Exchange: The Al-Adha holiday had a tangible positive impact on the volume of remittances from the state.

    Cinematography: Mostafa Qassemi

  • Rashid Al-Ansari: "(Al-Ansari Exchange) acquires a share of 24% of the total remittances issued by the state at present."

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The CEO of Al Ansari Exchange, Rashid Ali Al Ansari, confirmed the recent decline in the exchange rates of a number of foreign currencies against the dirham, pointing out that the decline in the exchange rates of many international currencies, and the strength of the Emirati dirham, constituted an ideal opportunity for residents of the UAE to transfer money to their countries or their tourist destinations.

He explained to «Emirates Today», that the international currencies whose prices fell against the dirham, are: the Japanese yen, the British pound, the euro, the Sri Lankan rupee, the Indian rupee, and the Pakistani rupee.

The price of the euro

Al-Ansari said that the "euro" is one of the most major currencies that have declined in the exchange rate compared to the UAE dirham, as it amounted to about 3.76 dirhams, compared to 4.35 dirhams a year ago, a decrease of 13.6%.

He pointed out that the significant decline in the exchange rate of the euro against the dirham comes in proportion to the historical decline in the exchange rate of the euro compared to the US dollar, as the exchange rate of the dollar was equal to the euro for the first time in 20 years.

Currency List

Al-Ansari added that the list of currencies most declining in the exchange rate included the pound sterling, which witnessed a decline to about 4.43 dirhams, down by 22%, compared to its exchange rate in the same period in 2021, when it amounted to 5.7 dirhams.

He stated that the exchange rate of the Japanese yen decreased by 24%, to record 37.15 yen against the dirham yesterday, compared to 30.03 yen against the dirham in July 2021. He continued: “During the recent period, we monitored a significant decrease in the exchange rate of the Sri Lankan rupee from 55.26 rupees against the dirham in the year The past to 98.5 rupees yesterday, a decline of about 78%, and the Indian rupee exchange rate fell by 7%, to record about 21.70 rupees against the dirham, compared to 20.23 rupees against the dirham in July 2021.

He pointed out that the exchange rate of the Pakistani rupee also witnessed a significant decline, following the political fluctuations in Pakistan, to finally reach a new record level, the lowest ever, from 43 rupees last year, to 63.9 rupees against the dirham yesterday.

The strength of the dirham

Al-Ansari stressed that the decline in the exchange rates of many international currencies, and the strength of the UAE dirham, constituted an ideal opportunity for residents of the UAE to transfer money to their countries or tourist destinations, which supports the chances of higher remittances from the state during the coming period.

Remittances

Al-Ansari added that the Eid al-Adha holiday had a positive and tangible impact on the volume of remittances issued by the state, as we recorded a remarkable increase in these remittances by approximately 7% before and during the Eid al-Adha period, compared to the same period in June 2022, pointing out that this growth is in line with With expectations, this period is considered one of the most active periods of the year in terms of external remittances.

market share

Al Ansari said that the company's current market share is 38% of the remittance market through money transfer and foreign exchange companies in the UAE, pointing out that, compared to 2021, the company's market share has grown by 2%.

And he indicated that "Al Ansari Exchange" also acquires a share of 24% of the total remittances issued by the state, stressing that the UAE is currently witnessing a growing momentum in foreign exchange and money transfer activities, especially in light of the marked decrease in the exchange rates of many international currencies. The strength of the UAE dirham.

India and the Philippines

The CEO of Al Ansari Exchange, Rashid Ali Al Ansari, revealed that during the Eid period, India acquired the largest proportion of foreign remittances sent from the state through Al Ansari Exchange, followed by Pakistan and the Philippines.

He pointed out that since the beginning of 2022, India has also been the largest destination for foreign remittances sent through Al Ansari Exchange from the UAE, accounting for about 20% of remittances, while the Philippines ranked second with 13% of total remittances.

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