UAE remittances see over 10% increase as Indian and Pakistani rupees slide in August

UAE remittances see over 10% increase as Indian and Pakistani rupees slide in August

Remittances from UAE expatriates to India, Pakistan and the Philippines have surged in August as their respective local currencies saw a significant dip against the dirham this month.

“There has been a significant increase of nearly 10 per cent in remittances to India – this is a notable uptick in the amount of money being sent the UAE. Remittances to Pakistan have also seen an equal increase (in August) – signifying a growth in the inflow of funds to Pakistan. Remittances to the Philippines, meanwhile, have shown a higher than 10 per cent increase,” a spokesperson from LuLu Exchange told Khaleej Times on Thursday.

The spokesperson added it is now the best time for expatriates to send money. “The examination of the remittance landscape and economic conditions suggests that the current market conditions are conducive to achieving good value for remitters,” he noted.

“Remitting money to India, Pakistan, and the Philippines from the UAE can be considered a favourable decision, especially when considering the comprehensive analysis of remittance trends and economic factors,” he reiterated.

Likely to surge

Remittances from the UAE are likely to surge as Indian and Pakistani rupees as well as the Philippine peso remain under pressure due to rising US treasury yields