UAE’s Al Ansari Financial Services witnesses surge in remittance to Egypt post pound devaluation

UAE’s Al Ansari Financial Services witnesses surge in remittance to Egypt post pound devaluation

Dubai – Mubasher: Al Ansari Financial Services has reported a large increase in money transfers from the UAE to Egypt following the Central Bank of Egypt’s (CBE) decision to float the Egyptian Pound and liberate its exchange rate based on market mechanisms.

The Dubai-listed company highlighted that this decision was highly beneficial to Egyptian expats in the UAE, according to a bourse filing.

Ali Al Najjar, Chief Operations Officer at Al Ansari Exchange, commented: "Al Ansari Exchange reaffirms its commitment to continue providing financial transfer services with the highest standards of reliability and efficiency, enabling residents to support their families and contribute to enhancing financial inclusion, prosperity, and the growth of the Egyptian economy."

Total remittances from Egyptian expats worldwide reached $22.1 billion during the fiscal year 2023/2023, down 30.8 percent year-on-year (YoY) from $31.9 billion, based on the CBE's data.

In a list by the World Bank, Egypt ranked fifth among low and medium-income countries that received remittances in 2023.

Al Ansari Financial Services’ net profit registered a 15.70% year-on-year (YoY) decline in net profit to AED 495.18 million in 2023 from AED 587.65 million.

UAE’s Al Ansari Financial Services witnesses surge in remittance to Egypt post pound devaluation