UAE residents cash in on weak British pound as remittances surge to UK – The National
- Date: 28-Apr-2022
- Source: The National
- Sector:Financial Markets
- Country:UAE
UAE residents cash in on weak British pound as remittances surge to UK – The National
Exchange houses in the UAE have reported a surge in remittances to the UK after the British pound fell to its lowest level against the US dollar since July 2020, giving British residents a window of opportunity to take advantage of favourable exchange rates to send money home.
There has also been an increase in demand for physical pounds from people travelling to the UK who want to take advantage of cheaper spending, Hasan Al Fardan, chief executive of Al Fardan Exchange, said on Thursday.
“We have seen an increase in demand for remittances from UK expats in the UAE when GBP broke the 1.3000 level,” he said.
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