UAE Expats in Remittance Frenzy
The British pound fell to fresh lows on Wednesday, sparking a flurry of activity at the country’s exchange houses as UK expatriates rushed to send cash home, Arabian Business reported. The British currency fell as much 0.7% against the dollar, to which the UAE dirham is pegged, before paring some of those losses despite the publication of better than forecast economic data. One British pound bought Dh4.46 on Wednesday afternoon–good news for expats sending cash home but hitting holidaymakers from the country in the pocket. British expatriates and those from other European countries seized the opportunity to send cash home, say currency exchanges.