Al Ansari Exchange shares thoughts on key remittance trends highlighted in the World Bank Report

Al Ansari Exchange shares thoughts on key remittance trends highlighted in the World Bank Report

Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, shared its views on the key trends impacting the remittance industry that were highlighted in the recent Semi-annual Migration and Development Brief of the World Bank. Al Ansari Exchange shared its opinion on emerging trends such as the adoption of digital technology, the role of cross-border remittances, currency fluctuations, among others.

The World Bank drew attention to some intriguing trends in the remittance industry and stated that the sector has always been and will remain resilient. Al Ansari Exchange affirmed how the report reveals that cross-border remittances play a vital role in the livelihood of many families living in low- and middle-income countries (LMIC) and facilitate global trade expansion and connectivity. The report also emphasises the impact of currency fluctuations on remittance volume. For instance, a decrease in the volume of remittances going out of Europe was observed as a result of the depreciation of the Euro against the US Dollar. Al Ansari Exchange noted how the UAE experienced the opposite effect, as the UAE Dirham is pegged to the US Dollar. As a result, the value of the UAE Dirham has risen relative to many major world currencies,