By: Amr Adel
Dubai - Mubasher: The regional manager of UAE Exchange in the UAE negated any official decision imposing taxes on money transfers for foreigners working in the country.
Abd Alkarim Alkayed told reporters on the sidelines of a company event in Dubai on Monday that there has been many rumors regarding this issue lately.
Money transfers are expected to shrink in 2017 due to lower oil prices, the Brexit, as well as the India’s decision to scrap 500 and 1000 rupee notes.
Alkayed also noted that the money exchange in the UAE have many positive factors, such as the rise in foreign labor as well as the increase in the number of tourists as EXPO2020 approaches.
He also explained that transfers in the UAE are impacted by FX fluctuations, as the market saw an increase in transfers from Europe after the euro’s decline against the US dollar.
The US Federal Reserve is expected to raise interest rates two or three times this year, which will have a positive effect on the money exchange and tranfer market in the UAE, according to Alkayed.
The Egyptian government’s decision to float the pound helped rise transfers from the UAE to Egypt, he indicated, adding that his company is planning to open four new branches this year by the end of Q2, as well as another three branches in Abu Dhabi alone.
