Page 97 - AAE PR REPORT - March 2024

3/13/24, 9:37 AM UAE’s Egyptians hurried to transfer money home following pound’s post-float fall

Egyptian pound banknotes sit on a table on March 6, 2024 in Cairo, after Egypt's central bank announced it will allow the
exchange rate to be set by the market. Egypt's central bank announced on March 6 it will allow the exchange rate to be set
by the market, causing the pound to lose more than a third of its value within minutes. Shortly after 12:00 pm (1000 GMT),
the Egyptian pound was trading at a record high of 49.15 pounds to the US dollar, after more than a year of a stabilised
official exchange rate of around 30.9. (Photo by Khaled DESOUKI / AFP)
Agence France-Presse (AFP)
REMITTANCE
UAE’s Egyptians hurried to transfer money

home following pound’s post-float fall

Al Ansari Exchange said it had seen a ‘remarkable increase’ in money transfers
to Egypt in the past week

Staff Writer, ZAWYA

March 12, 2024

The volume of money transfers from the UAE to Egypt surged following the decision to
float the Egyptian pound by the Egyptian central bank.

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