During the holy month of Ramadan and before Eid Al Fitr, Al Ansari Exchange Company has experienced a notable increase in financial transfers. This surge is largely due to residents sending money to their families in their home countries, as a way to share in the joy of the season and provide financial support.
As demand for money transfers continues to rise, particularly during Eid Al-Fitr, transferring money abroad remains a deeply ingrained cultural practice in Muslim-majority societies. Al-Najjar expects this trend to persist throughout the summer months, fueled by increased tourism, travel, and family gatherings.
Certain communities, particularly those from Asia and the Arab world, account for a significant portion of international money transfers. The US dollar remains the most popular foreign currency for exchanges, followed by the euro and GBP. However, other currencies such as the Omani riyal and Indian rupee are also in high demand.
The growth of tourism activity in the UAE has had a positive impact on the foreign exchange sector. As tourists flock to the country in search of stimulus measures and state policies, they have boosted demand for currency exchange services.
Looking ahead, Al-Najjar expressed optimism about the future stability and growth of the UAE dirham compared to other currencies. The country’s robust economy, effective central bank strategies and positive economic indicators suggest that continued growth will occur throughout the year within the financial transfers and foreign exchange sector.
