Qatar Exchange Houses Record Growth in Remittances

Foreign exchange houses in Qatar recorded an increase in remittance volume in the first six months of 2022 compared to the same period last year.
Dr. Zubair Abdulrahman, COO of Al Zaman Exchange, said Gulf Hours Monday that the exchange house recorded a 20% year-over-year (year-on-year) growth in remittance volume for the first half of 2022.
He explained that the steady decline in Covid-19 cases and the further easing of health and safety restrictions were among the factors behind the growth in remittance volume. “The movement of people is slowly returning to pre-Covid-19 conditions, which has greatly benefited many businesses,” Abdulrahman pointed out.
Similarly, Trust Exchange Managing Director KNS Das said the company saw a 10% increase in its total digital trading volume in the first half of the year. “Even month-over-month, we saw an increase in activity through our online platforms due to its convenience and ease of use,” he noted.
On the other hand, Das said the role of banks in facilitating remittance services has affected the volume of transfers, leading to a slight drop of 2% year-on-year “as more people use apps and digital services, as well as other cashless transactions”.
During Eid al-Adha, which was observed last month, Abdulrahman said that Al Zaman Exchange recorded a 22% year-on-year increase in the first half of the year, many residents of Qatar having taken the opportunity to send money to their respective families back home.
According to Das, Trust Exchange recorded an 8% growth in remittances from Qatar during this year’s Eid al-Adha.
For the summer season, when many residents and citizens went abroad for vacation, the two exchange houses saw a strong demand for the US dollar, the euro and the pound sterling. Other fast-moving foreign currencies during the period included the Turkish lira, Indian rupee, Saudi riyal, Philippine peso and Jordanian dinar.
“Not only were the US dollar, euro, and pound sterling in demand this holiday season, but they were also seen as investments or a ‘safe currency’ due to their higher exchange rates,” pointed out Abdulrahman.
Al Zaman Exchange recorded a 40% year-on-year increase in its digital transactions in the first half of 2022, he said while adding that the exchange house will continue to strengthen its digital platforms and services, as well as to continue to offer various promotions to encourage customers to transact online. .

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