DOHA: Exchange houses in Qatar witnessed significant surge in remittances during the holy month of Ramadan and Eid Al Fitr this year. The exchange and transfer from and to Qatar also saw an increase with demand for foreign currency growing.
Every year during the festive season exchange offices notice demand from citizens and residents who buy foreign currencies for the purpose of traveling for vacation outside the country or transfer money to their families to meet with Eid expenses.
Ramadan is the best month for exchange houses in Qatar because maximum number of transactions during the year happens in this month said, Muddasar Waheed Malik, Islamic Exchange, Najma Branch Manager, talking to The Peninsula.
“The main destinations for the remittances are Asia, the Middle East, and Africa. Pakistan, Bangladesh, India, and Nepal top the countries of financial remittances among Asian workers. We also see transfer of funds from African countries which include Kenya, Ghana, and Nigeria,” he said.
Malik noted that due to flourishing tourism in the country there is also a strong demand for the US dollar, Euro, Pound Sterling as several major events are being hosted in Qatar. “During the period, Saudi Riyal has surged in demand as citizens and residents buy foreign currencies for vacation outside the country and residents for transferring money to their families,” he added.
He also highlighted the growing role of technology in the exchange market these days as several people prefer transactions through online applications as they are convenient and can be done from anywhere with an internet connection.
These transactions offer faster payments, improved security, and global reach in today’s digital world.
Expatriate worker remittances account for the lion share of foreign exchange earnings of many developing countries which has a sizeable number of its work-force employed overseas. Foreign remittance and currency exchange play a key role in an economy. Exchange houses carry out facilitation of foreign remittances and currency exchange help keep the economy going.
The worker remittance makes a noteworthy contribution to the GDP of a state having trickle down effects on trade expansion, employment creation, and livelihood development.
Qatar enjoys a solid and strong economy that promotes existence of an ideal and attractive environment for job seekers, especially considering the availability of various, multiple, and safe channels to send money abroad.
“Remittance has risen since Ramadan and the trend has continued until the Eid Al Fitr. The exchange houses have witnessed sharp increase in number of remittances and exchange transactions. We have seen growth in transfer of funds compared to previous period,” a senior official of currency exchange house told The Peninsula.
During this season people have been transferring money to their families to help them with Eid expenses and we are working to meet the demand of the customers, he added.
Demand for foreign currencies double during the few days before Eid Al Fitr, especially with the commencement of Eid holidays. The turnout usually increases as the annual vacations season draws near because these occasions are accompanied by strong travel movement to outside the country leading in reviving the exchange sector in Qatar.
