Remittances by expatriates in the United Arab Emirates dropped by ten per cent in October and continue to decline in November, according to managers of currency exchange and money transfers establishments.
However, the demand for the euro increased by 15 per cent because its exchange rate against the dollar edged down by seven per cent, the managers added in remarks to Al Ittihad.
The drop in outbound transfers by expatriates working in the country is expected to be bigger in November, according to Muhammad al Ansari, CEO of Al Ansari Exchange.
He said that he expects remittances to pick up again in December due to seasonal travel and holidays. Al Ansari noted that expatriates’ remittances average AED10 billion a month, mainly rising during summer months.
During the first nine months of the current year, the total value of outbound transfers by expatriates in the UAE expanded by ten per cent, compared with the same period in 2014.
According to Al Ansari, individuals account for 85 per cent of outbound transfers while companies only account for 15 per cent.