Qatar: Remittances and currency exchanges high during Ramadan

Qatar: Remittances and currency exchanges high during Ramadan

Qatar - Foreign remittance and currency exchange play a key role in an economy. Exchange houses which carry out facilitation of foreign remittances and currency exchange help keep the economy going.

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.

Besides worker remittances make a noteworthy contribution to the GDP of a state having trickle down effects on trade expansion, employment creation and livelihood development.

According to officials at exchange houses in Qatar the number of remittances and exchange transactions has grown remarkably since the start of the holy month, a time for celebration and gift-giving.

“There has been a sharp increase in the number of remittances accounting for around 600 to 700 and exchange transactions around 200 a day,” said Rilwan Abdul Khader, Branch Manager Al Zaman Exchange, Lulu Hypermarket, D-Ring Road.

Qatar is home to a large number of expatriates whose hard-earned money is remitted to loved ones and dependents back home. The gulf region accounts for a major component of the global expatriate working community.

Expatriates amount to around 85 percent of the population in Qatar which is estimated to be around 3.04 million according to