Al Ansari Exchange records 12% growth in foreign currency transactions

As the FIFA World Cup Qatar 2022 kicks off, Al Ansari Exchange has recorded a 12% growth in foreign exchange transactions since early November, compared to the same period the previous month.

In a statement, the UAE’s leading foreign exchange firm said it saw a 22% increase in the average monthly volume of transactions reported this year. This growth is part of the observed considerable increase in foreign exchange and money transfer activity in the United Arab Emirates, due to several variables, including an increase in the number of tourists as the World Cup FIFA Qatar 2022 kicks off and the season begins for the Abu Dhabi Grand Prix and the Abu Dhabi Tennis Championship, among others.

This growth further demonstrates the effectiveness 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 industry is growing at an exponential rate in the UAE. Since the beginning of November, we have witnessed a increase in foreign exchange trading and I expect the strong performance of the sector to continue as the UAE prepares to welcome many tourists during the winter season,” said Rashed A. Al Ansari, CEO of Al Ansari Exchange.

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

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