Photo for representation only. Freepik
Doha, Qatar: The exchange offices in Qatar witnessed a sharp increase and demand from citizens and residents looking to buy foreign currencies for travelling or to transfer money to their families during Eid Al Adha.
Qatar enjoys a solid and strong economy that promotes the existence of an ideal and attractive environment for job seekers, considering the availability of various, multiple, and safe channels to send money abroad. Foreign remittance and currency exchange play a key role in an economy and exchange houses carry out facilitation of foreign remittances and currency exchange help keep the economy going.
According to officials at exchange houses in Qatar the number of remittances and exchange transactions have grown remarkably.
Speaking to The Peninsula, Islamic Exchange, Branch Manager, Muddasar Waheed Malik pointed out that the exchange and transfer from and to Qatar is rising, and demand for foreign currency is increasing.
“There has been a sharp increase in the number of remittances accounting for around 700 to 800 a day,” he said.
“During the period, Saudi Riyal and the UAE Dirham saw rise in demand as there was a great turnout during the past few days from citizens and residents to buy foreign currencies for vacation outside the country and residents for transferring money to their families. Also, there is strong demand for US dollar followed by the euro and pound sterling currencies,” he added.
Speaking about the destination of the remittances sent abroad from Qatar, Malik noted that India, Pakistan, Bangladesh topped the list followed by other Asian countries.
During this season people have been transferring money to their families to help them with Eid expenses as exchange houses are working to meet the demand of all clients.
Also speaking to The Peninsula, an official of another reputable exchange house, noted that demand for foreign currencies doubled before Eid Al Adha, as turnout usually increases in holiday season.
The Gulf region accounts for a major component of the global expatriate working community. Qatar is home to a large number of expatriates whose hard-earned money is remitted to loved ones and dependents back home. “The financial remittances of Asian workers represent about half of the total remittances, followed by remittances to Arab and African countries,” he added.
Expatriate worker remittances account for the lion’s share of foreign exchange earnings of many developing countries which have a sizeable number of its work-force employed overseas. Besides worker remittances make a noteworthy contribution to the GDP of a country having trickle down effects on trade expansion, employment creation and livelihood development.
