Euro worries help EU expats

Published:  9 Jun at 6 PM
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European expats in the United Arab Emirates are among the limited winners benefitting from the crisis affecting their homelands. Expats who are sending funds back to the eurozone have seen their spending power from the dirhams they receive boosted by the weakening of the euro.

Gonzolo Gaspar, a Spanish expat in the UAE, is among thousands of people benefiting from the single currency’s 3% slump against the dollar ever since the beginning of 2012. The dirham is connected to the dollar via a fixed exchange rate.

Mr Gaspar had transferred cash back to Spain every month as he had a mortgage to pay off there. Since Mr Gaspar is being paid in dirhams, his salary is actually increasing, said the 47-year-old regional agent at the IE Business School. He sends nearly half of the salary he gets in Dubai back to pay off his mortgage and support his two children.

Al Ansari Exchange, which is one of the UAE’s biggest exchange houses, has also reported soaring demands from expats wanting to transfer money home.

As reported by The National, this is the right time for expatriates to remit, and many are sending money back, says Mohammed Al Ansari, chairman of the Exchange. However, they are also waiting due to speculation that the currency might fall further, he added.
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