Thursday, 23 April 2009

UGANDA: Queues grow shorter at forex bureaus as remittances drop

Dorothy Nakaweesi


The once long queues that characterised money transfer agents’ offices have in the last few months shortened underpinning growing fears that Ugandans in the Diaspora are remitting less of their earnings.

Although actual figures of the drop in remittances are still hard to come by, several agents dealing in money transfer and forex bureaux have confirmed to Business Power that the level of business has waned in the last couple of months.

The drop, the agents said, is attributed to many Ugandans in the Diaspora who have been affected by the global economic crisis that resulted from a meltdown in credit in the US market mid last year.
“December-January Festive season used to be our peak season but last year business was very low. We have continued to see an acute fall in people sending remittances,” Mr Brain Iga Manager Lacedri Forex Bureau along Entebbe Road with Western Union money transfer, told Business Power in a mini market survey last week. Read more

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