DOHA: Workers’ remittances totalled a huge QR40.6bn ($11.15bn) in 2013, up 8.3 percent over the previous year, official data suggest.
There were 1.4 million foreign workers in the country by 2013-end, figures released by banking regulator, the Qatar Central Bank (QCB), show. The QCB said the increase of 8.3 percent in the remittances last year was due to the rising ratio of expatriates in the workforce.
More than 80.8 percent of such transfers were made in the currency of the recipient country, said the banking regulator, not citing major destinations.
Exchange houses continued to dominate the remittance business accounting for more than 77 percent of total transfers last year.
The 37th Annual Report of the QCB for 2013 said workers’ remittance amounted to QR37.43bn ($10.27bn) in 2012, while it was a little more (QR37.54bn) in 2011.
In 2010, the remittance volume was QR29.57bn, while in 2009 it was QR25.82bn. So as one can see the remittances have been going up significantly.
The Peninsula
