DOHA: Remittances from expatriates in Qatar have gone up by nearly 20 percent before Eid Al Adha. There is also brisk purchase of foreign currency, mainly the US dollar, pound sterling, euro and the Saudi riyal, according to market sources.
Egypt, Sudan, Lebanon, Yemen, Syria and Jordan are the main Arab destinations of remittance. The major Asian destinations include India, the Philippines, Nepal, Bangladesh and Pakistan.
Juma Al Madadi, CEO of Al Dar Exchange, said there was unprecedented demand for the Saudi riyal. Demand for the Saudi currency had gone up 40 percent compared to last year’s Haj season, he said.
To cope with the growing expatriate population, exchange houses have opened new branches at various locations in Qatar. Al Dar Exchange now has 14 branches, Al Madadi said.
Esham Al Najjar of City Exchange said the total number of City Exchange branches have increased to seven. “The transaction process in Qatar is one of the best and safest in the world. The exchange houses in Qatar have got one of the most efficient network system and their operations are being strictly monitored by Qatar Central Bank,” he said.
The Peninsula
