Ramadan in UAE: Remittances to India, Pakistan to grow as Asian currencies weaken

Ramadan in UAE: Remittances to India, Pakistan to grow as Asian currencies weaken

UAE - Exchange houses in the UAE are projecting a significantly higher growth in remittances during the holy month of Ramadan as well as the whole of this year, helped by the weakening of the Asian currencies and an increase in the expat population in the country.

Senior officials told Khaleej Times that remittances are mainly growing through digital channels. The flow of remittances, a lifeline for families of millions of expatriate workers, usually peaks during the Eid seasons when workers remit more to their families.

“Considering the recent trend of weakening of Asian and other emerging market currencies, and due to the festive season of Eid Al Fitr, we are expecting overall seven per cent growth in remittance numbers during the next one month. We expect a growth of approximately 10 per cent in key corridors like Bangladesh, Indonesia, Sri Lanka, Pakistan, and some African countries due to the festive season and volatility in these corridors,” said a LuLu Exchange spokesperson.

For the full year, the exchange anticipates double-digit growth. “We are expecting approximately 10 to 12 per cent remittance growth in the year 2023 as compared to the year 2022.”

Hasan Fardan Al Fardan, CEO of Al Fardan Exchange, also forecasts strong