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Al Ansari Exchange records 12% growth in foreign currency transactions

The US dollar, euro, British pound, and Saudi and Qatari riyals accounted for most of the currency transactions and had the highest growth rates

As the Fifa World Cup Qatar 2022 kicks off, Al Ansari Exchange records a growth of 12 per cent in foreign currency exchange transactions from the beginning of November, compared to the same time frame the previous month.

In a statement, the UAE's leading foreign exchange company said it witnessed a 22 per cent increase in the monthly average volume of transactions reported this year. This growth comes as part of the considerable rise observed in currency exchange and money transfer activity in the UAE, owing to several variables, including an increase in the number of tourists as the Fifa World Cup Qatar 2022 gets underway, and the season starts for the Abu Dhabi Grand Prix and Abu Dhabi Tennis Championship among others.

This growth further demonstrates the efficacy of the policies and initiatives implemented by the government to strengthen the UAE's leading position as a hub for travel, business and residence, according to the statement.

"Due to the significant and noticeable increase in the number of tourists visiting the country, the foreign exchange and money transfer sector is growing at an exponential rate in the UAE. Since the beginning of November, we have witnessed a surge in foreign exchange transactions and anticipate the sector's strong performance to continue as the UAE prepares to welcome a lot of tourists during the winter season," Rashed A. Al Ansari, CEO of Al Ansari Exchange, said.

Al Ansari Exchange confirmed that, during the period mentioned above, the US dollar, euro, British pound, and Saudi and Qatari riyals accounted for most of the currency transactions and had the highest growth rates.

— business@khaleejtimes.com