Page 98 - 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
Al Ansari Exchange, which is listed on Dubai Financial Market (DFM), said it had
witnessed a ‘remarkable increase’ in the volume of transfers, although did not specify

actual volumes or values.

The surge follows the tumbling of the Egyptian pound’s value against the dollar from
around EGP 30.85 to the dollar to over EGP 49 to the dollar following its float on March 6.

Al Ansari Exchange said in a statement to Dubai Financial Market that the decision is

“highly beneficial” to Egyptians residing in the UAE.

Chief operations officer Ali Al Najjar said: “The recent decision issued by the Egyptian

Central Bank to liberalise the exchange rate of the pound, allowing it to be determined

according to market mechanisms has had a significant impact on financial transfers from
the UAE to Egypt.”

He said the exchange was committed to continuing to provide financial transfer services to

the country to enhance financial inclusion, prosperity, and the growth of the Egyptian
economy.

Egypt is one of the most active corridors for financial transfer from the UAE, fifth after

India, Philippines, Pakistan and Bangladesh, the exchange said.

The country signed an $8 billion loan deal with the International Monetary Fund (IMF)

last week while last month, the UAE’s ADQ announced it is to lead a consortium investing
$35 billion in a North Coast city development.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

imogen.lillywhite@lseg.com

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