Foreign Exchange and Remittance Group (FERG) members are hopeful for better days in the coming year
According to recent findings from a new survey conducted by FERG, majority of the exchange and remittance houses remain bullish on the future of the industry and have surveyed a positive outlook for foreign exchange and remittance business in the UAE, the Group revealed in a press communiqué.
The study compiled responses from all members of FERG, which includes top exchange and remittance companies in the UAE, and analyzed the projected impact of the pandemic, effect of the industry to broader economic issues, top concerns, and responses of the industry to the changing financial climate along with major currency performance sentiments.
Other concerns of medium importance among respondents included: changing oil prices, geopolitical instability, and dependency on government expenditure.
“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,” commented Mohamed Al Ansari, Chairman, FERG.
“We are constantly monitoring the situation and FERG is working towards creating the appropriate response to manage any unexpected risks,” remarked Osama Al Rahma, Vice Chairman, FERG
