Asian expatriates are making a beeline to money remittance centers to transfer money to their home countries to benefit from the drastic fall in many currencies against the dollar.
Indian Rupee has hit a record low against the dollar so has Philippines Peso.
Indian rupee collapsed to a new low of 19.41 against Saudi Riyal and Peso 14.42 on Monday, prompting expats from these countries to transfer money.
Expat remittances have gone up in recent months also because many foreign workers have left on final exit visas and many have sent their families home finally in view of the high dependence fee.
Ironically the value of remittances has gone up recently since many expats are sending home their end of service benefits, but the frequency of remittances has come down because many expat workers, who regularly sent their earnings home, have left for good.
Edgardo Corro, who works in a leading banking organization, said that overall remittances have fallen.
“Though the exchange rate is good as currencies of some countries have weakened against the US dollar in recent months, but the number of people who remit money is reducing,” said Albin Jospeh of Express Money, a leading global player in remittance business.
Arshad Chistri, an Indian expatriate, said that weak Indian rupee is nothing beneficial as inflation is increasing in his country.
“Yes, my family gets more money, but school fee and the prices milk, electricity and other goods have increased,” he said.
Source Credit: Saudi Gazette