Remittances from UAE to Pakistan bound to increase significantly in Ramadan

Remittances from the United Arab Emirates (UAE) to Pakistan and other Islamic countries is bound to increase significantly in the month of Ramadan.

“We’ll see this trend continue this year. The indicators are pointing towards positive and robust remittance activities. The transactions are expected to peak in the week ahead of Eid-Al-Fitr, when residents start transferring money to their families and loved ones in their home countries. We forecast the growth trend during Ramadan and Eid Al-Fitr to reach around five per cent and 10 per cent, respectively,” said Rashed A. Al Ansari, chief executive officer (CEO) of Al Ansari Exchange, quoted Khaleej Times.

UAE-based Lulu Financial Holdings expects remittances to India, Pakistan, Egypt and Morocco will witness the highest flow in the coming weeks.

Meanwhile, Hasan Al Fardan, CEO of Al Fardan Exchange, expects a double-digit growth in remittances during Ramadan, with the best performing corridors being India, Pakistan, Egypt, Bangladesh and Indonesia.

Earlier, Malik Bostan President Pakistan Forex Association of Pakistan stated that the US dollar would decline further against the Pakistani Rupee in the upcoming Eid season.

Bostan said that he expects record remittances in the coming months due to upcoming Eids which will further weaken the dollar. “Record remittances come during Eid (i.e. Eid ul Fitr and Eid ul Adha), so I believe that US Dollar could decline below 150 reaching 145 against PKR,” said Bostan.