Local currency exchanges are bullish about growth in remittance volumes this year, thanks to an expanding UAE economy and weakening Asian currencies.
Wall Street Exchange yesterday announced plans to expand its network to 40 branches this year, as it opened its 29th branch in Baniyas, Abu Dhabi.
UAE Exchange said that it plans to open as many as 10 more branches across the country during the year.
“2013 was an excellent year for us,” said Promoth Manghat, UAE Exchange’s vice president for global operations. “Remittances from the country grew healthily, especially given the creation of additional jobs, as well as the weakness in a number of Asian currencies.”
The Indian rupee last year fell by 11.4 per cent against the dirham, while the Philippine peso fell by 7.4 per cent, according to Bloomberg.
Dubai’s Expo 2020 win and increased government spending across the UAE will pull in more foreign workers and increase remittance totals, said Wall Street Exchange’s managing director, Sultan bin Kharsham.
“Economic growth is gradually accelerating. This could translate to an increase in salaries and that could translate to a higher consumer spending and remittances,” he said.
Leading exchange houses increased fees in January for remittances of more than Dh50,000 to India, the Philippines, Nepal and Sri Lanka to Dh20 from Dh15.
The move, taken by exchange houses belonging to the local industry body the Foreign Exchange & Remittance Group, was in response to rising overheads, said Mr Manghat.
“We’ve kept the cost of remitting money broadly untouched for the past 20 years, even though our overheads have gone up sharply,” he said. “It’s just a nominal increase on our part.”
Volumes have been largely unaffected by the move, said Mr bin Kharsham.
“Despite the changes in rates, people will continue to remit money to beneficiaries due to social and economic needs,” he added.
jeverington@thenational.ae
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Creator: Lauren LeFranc
Rating: 4/5
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Scores in brief:
Day 1
New Zealand (1st innings) 153 all out (66.3 overs) - Williamson 63, Nicholls 28, Yasir 3-54, Haris 2-11, Abbas 2-13, Hasan 2-38
Pakistan (1st innings) 59-2 (23 overs)
The specs
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
10 tips for entry-level job seekers
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
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The specs
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BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Six things you need to know about UAE Women’s Special Olympics football team
Several girls started playing football at age four
They describe sport as their passion
The girls don’t dwell on their condition
They just say they may need to work a little harder than others
When not in training, they play football with their brothers and sisters
The girls want to inspire others to join the UAE Special Olympics teams
