UAE Exchange remittances to Sri Lanka hit $290m
Dubai, June 16, 2014
UAE Exchange, a leading remittance and foreign exchange brand, transferred $290 million, from across the globe, to Sri Lanka in 2013, contributing five per cent of the total remittance inflows to the country.
In a statement, the company said global remittances to Sri Lanka grew 15 per cent in 2013 compared to the previous year. Global remittances to Sri Lanka in 2013, as estimated by the World Bank, stood at $5.7 billion.
Promoth Manghat, vice president – Global Operations, UAE Exchange, said, “Sri Lankan expats form a major part of the strong customer-base that UAE Exchange serves. Through their perpetual trust and our consistent efforts, we have recorded remittance worth $175 million from the UAE to Sri Lanka in 2013, compared to $142 million in 2012, a rise of nearly 24 per cent. Sri Lanka is a vital market for UAE Exchange.”
UAE is estimated to have around 250,000 migrant Sri Lankan workers, and on an average the UAE Exchange serves over 30,000 customers in a month. The brand engages with the expat community though worker-friendly initiatives like regular camp activities, savings awareness programmes through banks and sponsored events during Sri Lankan festivities.
UAE Exchange has an enduring partnership with Sri Lanka’s leading banks including Bank of Ceylon, Commercial Bank of Ceylon, Hatton National Bank, National Savings Bank, Nations Trust Bank, NDB Bank, Pan Asia Banking Corporation PLC, People’s Bank, Sampath Bank and Seylan Bank. – TradeArabia News Service