File photo.
DOHA: Remittances have risen with the onset of the holy month of Ramadan. Expatriates are queuing up in the currency exchange houses to send money to their families in their home country. Recent depreciation in the currencies of Asian countries has also prompted expatriates of these countries to remit additional money.
“Remittance have risen in the last two weeks and this trend will continue until the Eid Al Fitr. We have seen around 20-30 percent rise in remittances in the last two weeks compared to previous weeks,” a senior official of currency exchange house told The Peninsula. “Surge in remittances during the holy month is not a new phenomenon, we have been seeing this trend for quite a long time,” he said.
Remittances rise during Ramadan as most Asian expatriates send money to their families to meet expenses during the Holy Month and for Eid. India, Pakistan, Philippines, Bangladesh, Nepal, Egypt, Sri Lanka were the main destinations that witnessed major remittance.
“Ramadan is the best month for exchange houses in Qatar because maximum number of transactions in a year happen during the Holy Month,” said a senior official of another currency exchange house.
He said that the demand for foreign currencies is also expected to increase as residents will pack their bags to go for vacation.
In order to meet the high demand of expatriates, exchange houses have revised working hours during holy Ramadan and are keeping their branches open till late night.
The recent rise in the value of dollar has also played significant role in pushing up remittances. Most of the Asian currencies have depreciated by around up to 6 percent in the past four months, giving expatriates of these countries extra value for their money.
“Every year I send money to my family to meet Ramadan related expenses, but this year I sent some extra money. In the past couple of months Nepalese rupees has fallen substantially. I borrowed extra money from friends to make some extra money out currencies depreciation,” a Nepalese expatriates told The Peninsula.
“My family needs extra money during the holy month because special gatherings are organised on Eid for our family members and relatives,” he added.
A depreciating currency augurs well for expatriates because they get additional income because of decline.
