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- 56% of respondents agreed that the outlook for remittances stays constructive for the approaching yr
- Companies charge altering demographic, labour mobility, unemployment and present pandemic as prime issues that might have an effect on enterprise
Despite being affected by COVID-19 pandemic, members of the Foreign Exchange and Remittance Group (FERG) are eager for higher days forward. According to findings from a brand new survey carried out by FERG, majority of the change and remittance homes stay bullish on the way forward for the trade and have surveyed a constructive outlook for overseas change and remittance enterprise within the UAE.
The examine compiled responses from all members of FERG, which incorporates prime change and remittance corporations within the UAE, and analysed the projected influence of COVID-19, impact of the trade to broader financial points, prime issues, and responses of the trade to the altering monetary local weather together with main foreign money efficiency sentiments.
Over the course of the survey, 63% of the respondents stated that the pandemic had extremely affected their enterprise, with 49% agreeing that remittances for the remaining months will stay subdued. But, on the similar time 56% agreed that the outlook for remittances for the approaching yr stays constructive. The determine elevated to 61% for the outlook on overseas change, indicating the assumption that tourism and commerce would return to the pre-COVID section.
Companies surveyed rated altering demographics (27%), labour mobility (23%), unemployment (16%) and the present pandemic (16%) as a few of the urgent issues that may impact the remittance trade. Other issues of medium significance amongst respondents included: altering oil costs, geopolitical instability, and dependency on authorities expenditure.
“Foreign exchange and remittance companies in the UAE, like many other businesses, have felt the impact of the pandemic. But this hasn’t stopped our industry from functioning and many of the companies have comprehensively changed the way they operate and organize themselves while maintaining their operations in a secure, customer-centric and employee-supportive manner. As we have gauged from the survey, the overall sentiment towards business in our industry for the coming year remains positive and we look forward to a resilient year ahead,” stated Mohamed Al Ansari, Chairman, FERG.
“It is encouraging to see that majority of FERG members have a positive outlook for the coming year. It has been a tough year, but thanks to the support from the various economic departments across all seven emirates and the government of the UAE, we have been able to weather the challenges. We are constantly monitoring the situation and FERG is working towards creating the appropriate response to manage any unexpected risks,” stated Osama Al Rahma, Vice Chairman, FERG.
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