UAE: Remittances jump as currencies fall, US dollar surges

UAE: Remittances jump as currencies fall, US dollar surges

Most expatriates residing in the country are likely to take the benefit of every dip in their home country's currency against the greenback, an expert says

Published: Sat 8 Oct 2022, 6:45 AM

Currency exchange centres and international money transfer services are recording a noticeable surge in remittances, as UAE customers take advantage of the surge in dollar value.

Al Fardan Exchange has said most currency transactions have seen double-digit growth compared to last month.

For instance, EUR transactions have seen a month-on-month increase of 34 per cent in terms of volume, and GBP volume has increased by 13 per cent; similar is the case with other currencies as well, explained Hasan Fardan Al Fardan, CEO of Al Fardan Exchange LLC.

“Most expatriates, especially Asians and Europeans residing in the UAE, are taking advantage of a weaker currency in their home countries, which has resulted in a noticeable spike in remittances,” Al Fardan said.

Further, currencies are expected to remain volatile in the coming months, and most UAE expatriates are likely to take the benefit of every dip in their home country's currency against the US dollar, he suggested.

The US Dollar Index, which measures the US dollar against a basket of currencies, has strengthened by 15