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.

Source: Daily News Egypt March 14, 2024 08:16 UTC