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DUBAI - A weaker dirham is wreaking havoc for UAE expats on pound or euro salaries and those who have commitments back in the UK or Europe, experts say.
The dirham has lost more than a tenth of its value against the pound and the euro this year due to its peg to the U.S. dollar, which has weakened against major world currencies as optimism about a global economic recovery dents demand for the greenback.
The falling dirham is having “unfortunate consequences for British and European expats who now currently reside in the UAE”, said Katy Johnson, a sales executive at First Rate FX, a UK-based foreign exchange broker with offices in Dubai.
The UAE’s population stood at 4.765 million last year. Eighty percent of those living in the oil-rich nation are expats, a significant number of whom are from the UK and Europe...[ Read full story]
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