BY SACHIN KUMAR
DOHA: Remittances from Qatar during Ramadan and Eid Al Fitr jumped by up to 20 percent compared to the previous month.
Expatriates from Asian countries were seen queuing up at exchange houses during the last days of the holy month to send money to their families back home.
“Every year we see surge in remittances during Ramadan as expatriates send money for Eid-related expenses.
“This year, we saw about 20 percent rise during the holy month. Maximum transactions were for Asian countries,” said Zuber Abdul Rahman, Operations Manager, Al Zamam Exchange. “Mostly the people were from India, Bangladesh, Egypt, Pakistan and Sri Lanka.”
According to exchange houses, maximum business came in the last 10 days of Ramadan.
“Maximum number of transactions took place in the last 10 days of the holy month. A large number of people sent money to different people which showed that it was meant for zakat or Eid-related expenses,” said Shan Kamarudheen, Business Development Manager, City Express Money Transfer.
“Ramadan is the best month for exchange houses in Qatar because maximum number of transactions in a year happen during the month,” he said.
Expatriates from other countries were also queuing up in exchange houses.
The surge in remittances was also due to early transfer of salaries by government departments and some private companies.
“Asian expatriates were eagerly waiting for the announcement of Eid Al Fitr and celebrations. Once they came to know about it, they rushed to exchange houses. The rush was more at night,” said a senior official of an exchange house.
“The holy month always brings good business to exchange houses,” he added.
Exchange houses, engaged in remittances, currency exchange and related services, rescheduled their working hours during the holy month — from 9am until midnight. The branches of exchange houses operating in shopping malls were open for longer hours.
Exchange houses also witnessed huge demand for foreign currencies as people are going on vacation.
The currencies in high demand included the dollar, euro and sterling pound, followed by Saudi riyal and Emirati dirham.
Demand for these currencies shows the destinations where people are going on vacation.
The currencies of most Asian countries did not see any volatility and trading was stable during the holy month.
The Peninsula
