Money transfers through exchange firms were not affected by Corona

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Source: Dubai – Arabic.net

Exchange officials said that the movement of money transfers was not affected by the Corona virus, but that the movement of buying and selling currencies witnessed a sharp decline due to the interruption of travel and tourism and air travel.

They pointed out that the remittances movement was normal, during the past week, to coincide with the end of March and transfer the salaries of employees, according to Emirates Today.

The Chairman of the Board of Directors of Al Ansari Exchange Company, Mohammed Al Ansari, said that last week witnessed remarkable growth in the movement of financial transfers, and this was offset by a decrease in the movement of foreign currency purchases and sale by up to 50%, with the support of measures to prevent travel, the decline in tourism activity, and the closure of the world’s airports Flights stopped.

He added that “the movement of financial transfers was not affected by the repercussions of (Covid-19), as last week coincided with the end of March and the transfer of employee salaries, and thus their need to transfer funds to their families outside the state.”

The Vice Chairman of the Board of Banking and Financial Transformation Institutions in the Emirates, CEO of “Al-Fardan Exchange”, Osama Al Rahma, said that the implementation of the social divergence policy, in addition to the decline in the purchase of foreign currencies, confuses the exchange market, as the transactions of exchange companies in the country are experiencing turbulence. Because of the direct impact of the emerging Corona virus (Covid-19) on the movement of dealers, the process of buying and selling foreign currencies, especially the demand for exchange services that were negatively affected by the closure of the commercial centers and the precautionary measures taken to prevent the spread of the epidemic.







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