Financial remittances from Egyptians in the UAE recorded a significant increase following the liberalization of the exchange rate

Books – Ahmed Yaqoub

Tuesday, March 12, 2024 01:54 PM

Al Ansari Exchange Company, the leading company in providing money transfer and foreign exchange services in the United Arab Emirates, and a subsidiary of the Al Ansari Financial Services Group listed on the Dubai Financial Market, announced a remarkable increase in the volume of financial transfers to Egypt after recent developments related to… Pound exchange rate Egyptian, which was recently announced.

The company explained that it recorded a significant increase in the number of financial transfers to Egypt since the announcement Egyptian Central Bank Last Wednesday, the decision was made to float the Egyptian pound and liberalize its exchange rate according to market mechanisms, noting that the decision benefits Egyptians residing in the UAE.

Ali Al-Najjar, the company’s Chief Operating Officer, said: “The recent decision issued by the Egyptian government to liberalize the exchange rate of the pound in accordance with market mechanisms had a significant positive impact on financial transfers to Egypt.”

He added: “It has witnessed a significant increase since the Central Bank of Egypt announced this decision last Wednesday, and these developments contribute significantly to increasing flows andMoney transfers to Egypt”.

Egypt is one of the most prominent main destinations for money transfers from the UAE, as it ranks fifth after India, the Philippines, Pakistan and Bangladesh in terms of the total number of transfers issued to individuals from the UAE.

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