UAE Exchange bullish on inward remittances

Leading money transfer and foreign exchange brand, UAE Exchange, is bullish on the Indian market as inward remittances have significantly increased in recent months. The upcoming festival season coupled with the slide in rupee value resulted in close to 20 per cent rise in remittances. The company has decided to expand its network by adding 50 more branches shortly, UAE Exchange Zonal Manager Varghese Mathew told reporters here on Tuesday.

He said the company registered two lakh transactions a month involving amounts in excess of Rs.300 crore. “People feel this is the right time for money transfer, and, hence, the increase in transactions,” he said. It registered forex exports of Rs.5,000 crore annually.