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Al Ansari Exchange, a leading provider of transfer and foreign currency exchange services in the UAE and part of the Al-Ansari Financial Services Group, has reported a significant increase in money transfers to Egypt.
Following the liberalization of transactions relating to the Egyptian Pound, money transfers have become easier. Al Ansari Exchange, a leading provider of transfer and foreign currency exchange services in the UAE and part of the Al-Ansari Financial Services Group, has reported a significant increase in money transfers to Egypt.
The company observed a marked rise in the volume of financial transfers to Egypt after the Central Bank of Egypt’s (CBE) announcement to float the pound. By doing so, the Central Bank wanted the exchange rate to be determined by market dynamics. This move has been particularly advantageous for non-resident Egyptians, particularly those living in the UAE.
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Egypt ranks as the fifth most popular destination for remittances from the UAE, trailing behind India, the Philippines, Pakistan, and Bangladesh in terms of the volume of transfers sent to individuals.
