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“But interestingly in the GCC, and specifically in the UAE, because the countries’ currencies are pegged with the dollar, we were not exposed to that kind of pattern.Because of the weakening of the currencies like the Indian rupee, or some of the other south Asian currencies, it has really helped in a surge in remittances.“The impact was stronger during July to September, where we saw a 15 percent rise in remittances to India, the largest receiver of remittances.Meanwhile, we have experienced a spike of around 10 percent in other corridors.” Manghat calls expats “base remitters”, because they typically send money every month, irrespective of exchange rates.Remittances from Gulf countries pegged to the US dollar have surged even further — by as much as 15 percent in a month — since August, as expats take advantage of more favourable exchange rates, against weaker south Asian currencies.“In the World Bank report on remittances, there was an interesting observation that, because of the weakening of currencies against the dollar, the World Bank estimates [there has been] slightly less growth overall in remittances globally,” Manghat says.It is particularly common when interest rates are rising in another country, such as in India, where the central bank increased the interest rate several times between September 2013 and January 2014.“For example, they may get a personal loan facility from the bank and they remit [the loan value]. Apart from the company’s encouraging figures, 2015 also has been notable for an acquisition made by UAE Exchange’s owners, BR Shetty and private equity group Centurion Investments.
Between these two brands, we’re talking about 43 countries, 2,500 branches, 1,500 ATMs, 200,000 locations, so we’re talking about a large institution,” he says.
He says by imposing those measures, it can force people to seek other methods of transferring money.