Page 91 - AAE PR REPORT - March 2024

business : Financial transfers from UAE to Egypt

surge post-EGP liberalisation: Al Ansari

Exchange

COMPANIESDaily News Egyptdailynewsegypt about 21 hours ago REVENUE_SHARING
business : Financial transfers from UAE to Egypt surge post-EGP liberalisation: Al Ansari Exchange

Thursday 14 March 2024 10:00 AM

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 liberalisation of the
Egyptian pound.

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 and allow
its exchange rate to be determined by market dynamics. This move has been
particularly advantageous for Egyptians living in the UAE.

Ali Al-Najjar, Chief Operating Officer of Al-Ansari Exchange, remarked that the
Egyptian government’s recent policy to liberalize the pound’s exchange rate has
had a markedly positive effect on the flow of financial transfers into Egypt.

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.

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