Ster­ling takes a pound­ing in UAE

7 Days in Dubai - - BUSINESS - ma­hak@7days.ae

Alan Daft added: “If you have a large sum to trade then the benefits can be quite sig­nif­i­cant. It is a win-win sit­u­a­tion.” Fel­low Bri­tish ex­pat David Mar­shall, 51, an en­gi­neer sent a sim­i­lar amount back home. “I sent the same amount to a UK bank ac­count as usual and made 10-12 per cent more than usual.” How­ever, it is not just Brits cash­ing in. “There has been a rush of ex­pats, of all na­tion­al­i­ties not just Bri­tish, com­ing to ex­change their dirhams into pounds over the week­end,” said an em­ployee at a branch of Sharaf Ex­change. “Cur­rently we do not have any Bri­tish pounds avail­able but we still have peo­ple de­mand­ing it.” A cashier at Al An­sari Ex­change at Dubai Mall said: “Yes­ter­day all our pounds were gone. We sold £30,000 al­to­gether. One UK ex­pat bought Dhs100,000 of ster­ling.” The staff mem­ber joked: "I think the tourists are all hold­ing onto theirs (for when they re­turn home)." And Hashim Ab­dul Ma­jeed, who works for UAE Ex­change, said: “Most of our cus­tomers are trans­fer­ring money to their lo­cal bank ac­counts back in the UK. If they keep it here and later want to ex­change it again they could lose money with the fluc­tu­at­ing rates, so the safer op­tion is to trans­fer it.”

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