The UAE remittance sector grew 10% in August


The UAE remittance sector grew 10% in August

Sunday – 18 Muharram 1442 AH – 06 September 2020 CE

Abu Dhabi: «Middle East Online»

The remittances sector in the UAE witnessed a growth of 10 percent during the month of August, compared to the same month of 2019.
The Emirates News Agency (WAM) said today (Sunday) that this coincides with the activity in the market of buying and exchanging foreign currencies through exchange companies operating in the country.
Mohamed Al-Ansari, Chairman of the Board of Directors of the Banking and Financial Transfer Institutions Group and CEO of Al-Ansari Exchange, said that the return of the movement to activities in the UAE to the situation that preceded the conditions imposed by the Corona virus from temporary closures contributed to the restoration of the remittance market to its activity.
Al-Ansari added that 70 percent of the exchange companies’ activity is concentrated during the summer on the purchase and exchange of foreign currencies, which witnessed growth during the past month, especially after the return of the airports to work and the commencement of the departures and arrivals movement, although it is still within a limited range.
The demand on the foreign currency market had declined by more than 65 percent during the month of April. This is according to the companies operating in the exchange sector, as a result of the precautionary health measures taken by the state, but the sector began to resume its activities again during the month of June of the same year.

The United Arab Emirates

Arabic Economy


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