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Vacation travel triggers surge in demand for foreign currencies

Vacation travel

Money exchanging houses in the UAE are reporting increased demand for all foreign currencies.

The officials at the money exchange houses pointed at summer season for the rising demand for foreign currency as residents fly out of the UAE for holidays and vacations.

They told Arabic daily ‘Emarat Al Youm’ that the demand for the US dollar, the euro and sterling rose over the past week due to increased travel by the residents for the vacations.

During this month, they said, the demand for foreign currency purchase surges by three times compared to other days.

Demand for all foreign currencies and money transfers is still high in the domestic market because traders are buying foreign currency before travelling, said, Omar Assaf, Director, Al Fardan Exchange.

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Paul

The author Paul